Redundancy

Ace Modder

Ace Modder

Ace Modder

Soldato
Joined
8 Sep 2003
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23,180
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Was 150 yds from OCUK - now 0.5 mile; they moved
Hi guys

I have been told the company I work for has gone into administration.

The company has been reduced done to a skeleton staff.

Only us senior staff are left to wind down the company. 3-4Weeks apparently.

The company is PRG Powerhouse. The stores are all closed the warehouse is all security sealed.

The call centre which I'm a supervisor of, has been reduced from 120 staff down to 13 staff to wind it down.

I'm so pee'd off, luckily I am entitled to £5k in redundancy payments, but that wont last long.

Anyone in the Walsall area know of any decent jobs available.
 
My best advice....

pay the 5k into a savings account, then draw out your "normal" salary each month.

That way, all bills get paid and you don't go blowing it all away.

£5k should last you a couple of months? depending on your normal take home pay etc.
 
CocoPops said:
My best advice....

pay the 5k into a savings account, then draw out your "normal" salary each month.

That way, all bills get paid and you don't go blowing it all away.

£5k should last you a couple of months? depending on your normal take home pay etc.
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Probably the best advice you'll get here. ;):)
 
The dole office will tell you to live off that redundancy cash before they give you a penny.
I suggest you pay off any debts etc that you have with it or even a bit extra off the mortgage.
 
No. A companies assetts will be used to pay off creditors in the following order iirc:

The government IR and VAT - surprise surprise
Employees (NB NOT contract workers)
Secured creditors (banks etc)
unsecured creditors (suppliers etc)

So you would be 2nd on the list....
 
Hodders said:
No. A companies assetts will be used to pay off creditors in the following order iirc:

The government IR and VAT - surprise surprise
Employees (NB NOT contract workers)
Secured creditors (banks etc)
unsecured creditors (suppliers etc)

So you would be 2nd on the list....
Click to expand...

I thought the crown no-longer held pre-eminence in these situations and that it was now secured creditors, usually those actually holding the ledger and not just with a charge over it, that were given first dibs?
 
the receivership company have guarenteed to pay us, and I can claim redundancy pay from the government which equals the 5K.

Just at work applying for jobs over the net atm.
 
I feel sorry for all of you that have/will lose your jobs, but unfortunately I'm not entirely surprised. The electricals retail market is a basket case (along with most other retail sectors). Margins are being stretched so tight that something has to snap eventually. I get the impression even the likes of Tesco are getting out - they've had a clearance running for well over a month now and there's very little left. I certainly wouldn't want to be in electrical retail now. :(

I can only wish you good luck in your job hunting.
 
Is this the Powerhouse on Green Lane?
I know someone who started there awile ago as a FL Driver, it is terrible news to see another company around here go bust :(
I wish you luck in finding further employment.
 
Berserker said:
I feel sorry for all of you that have/will lose your jobs, but unfortunately I'm not entirely surprised. The electricals retail market is a basket case (along with most other retail sectors). Margins are being stretched so tight that something has to snap eventually. I get the impression even the likes of Tesco are getting out - they've had a clearance running for well over a month now and there's very little left. I certainly wouldn't want to be in electrical retail now. :(

I can only wish you good luck in your job hunting.
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I bloody well hope not! They're extending my store to an 'Extra' and all of this expansion is on non food. I work on electrical :eek:
 
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