Custom Bats Cricket Forum
Companies => Off-the-shelf companies => Mongoose => Topic started by: tim2000s on September 16, 2014, 10:48:01 AM
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Mongoose have received enquiries regarding purchasing the business and have decided to enter into a sale process.
They have proposed a couple of deadlines:
Interested parties need to indicate interest by 26th September.
Any letters of intent which are subject to Due Diligence need to be submitted by 10th October.
If anyone is interested, please submit indications of interest to Wasim Rehman, Managing Partner at FWE Group: wasim@fwegroup.com
Mongoose details are as below:
Mongoose Cricket International
Lower First Floor, Bishops House
Market Place
Chalfont St Peter
Bucks
SL9 9HE
General Manager: David Tretheway
Contact: 0208 133 4537
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Cor(3)!!! - I wish I had a bit of money. I'd be excellent at running that, I would.
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Shall we have a whip round? :)
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A forum community owned bat company?
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yeah well up for that buy CBF buyout and the first thing to do is move the whole company to Scotland after Thursday and have genuine imported Scottish Willow
well.........someone had to say it? :)
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little acorns......or willow seeds.
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Don't know what it went for before but if you could Crowd Source the funding and then run the company, there is no reason not to look at a co-operative type approach!
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Sod getting a mortgage, time to buy mongoose
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anyone else thinking
1. We could do this?
2. How do I break it to the mrs?
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Up for sale just as they'd be expecting their highest orders/revenues with orders set to come in over the next month for 2014/15.
A potential Sports Direct acquisition?
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Just off to the bank to try and get a business loan to fund this, they won't turn away a 20 year old with no borrowing history for a loan several times their salary will they?? :-[
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I bid $1! Please :(
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How much do you reckon?
Surely you can just get a loan.
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I wonder how much debt they currently have?
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What is the name of the company that owns mongoose?
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anyone else thinking
1. We could do this?
2. How do I break it to the mrs?
Defo we should get it
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Up for sale just as they'd be expecting their highest orders/revenues with orders set to come in over the next month for 2014/15.
A potential Sports Direct acquisition?
I think sports direct are fine for Kashmir supplies thanks to slazenger[emoji2] . Can't imagine they would need English willow bats, not unless they were £29.99 - 90% off rrp.
Odd timing don't you think?
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good timing as it gives the new owner time to sort next season's stash.
going to be a decent sized 6 figure sum I would guess. (plus there is trescothic's salary to think of)
going to need more than a loan guys!
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Wonder if there is an opportunity to crowdsource through one of the websites? Would need someone willing to step up and run it though.
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good timing as it gives the new owner time to sort next season's stash.
Really? Orders need to be placed by June, or July at the latest to be delivered here for late October and deliveries to shops. (30 day on a boat + factory lead times). It only makes sense if the new owner is going to abandon the retailer model, and sell direct.
To me it's in incredibly odd time to sell - retailers place their orders in September/October, which retailer is going to invest in a brand who's future is insecure?
My assumption would be they don't have the financial muscle to buy sufficient new kit for 2015.
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Will be interesting to see if they are at Lords tomorrow.
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What is the name of the company that owns mongoose?
Cricket Bat Acquisition Company Ltd
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Going to cost at least £500k
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Going to cost at least £500k
count me in for £100, if we can find the remaining £499.9k from the rest of the forum, lets go
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A quick scan online says the balance sheet is worth £365k
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Red light is on company check though for the credit
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I think that red light is because they have tried to dissolve the company on 1 July but that was canceled 23 August.
That man who did the Q&A is not the majority shareholder by the the way CBF admin people.
On a side note ..... The net worth of other cricket companies makes interesting reading!
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There was talk of them going into admin/changing owners in June time. This quietly went away though, surprised to see a brand up for sale at this time of year.
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Will be interesting to see if they are at Lords tomorrow.
Is it a trade show or is it open to the public?
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Who is the chap that did the q&a then ? Is he selling or buying it ? From the answers to the questions he seemed far from wanting to sell ?
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Who is the chap that did the q&a then ? Is he selling or buying it ? From the answers to the questions he seemed far from wanting to sell ?
He is a shareholder of 6.76% of the company
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Could still be the majority I suppose !! Haha.
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If he has less than 7% perhaps he doesn't have a choice in the selling?
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Nearly is!!
10.26% belonging yo Mr Rehman
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500k for a fairly well known brand isn't that much really. Must make the small brands around quite cheap on theory. Shows the size of the big boys I suppose.
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Is it a trade show or is it open to the public?
Trade only. A few invites normally get dished out to mates/contacts who are not directly involved in cricket. I believe it may be more strict this year with the decision of GM/Kook/Slaz to abandon their separate show (which is very strictly trade only, by appointment) and head to Lords. I doubt with the way they present their ranges they will be pleased if joe blogs manages to blag his way in by flashing an invite he got from a friend.
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Is it up for £500k then ?
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The last company accounts appear to be from 2 years ago, so it's difficult to see what the current position/value are.
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500k for a fairly well known brand isn't that much really. Must make the small brands around quite cheap on theory. Shows the size of the big boys I suppose.
Mine is worth £750 maximum
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500k for a fairly well known brand isn't that much really. Must make the small brands around quite cheap on theory. Shows the size of the big boys I suppose.
Where did you get £500k from Adie ?
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Going to cost at least £500k
Just here. Didn't say it WAS selling for that,,, just took that as a ball park.. If you are talking that much there isn't really much difference between 500-700k etc
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Ah ok so just on an assumption. Sorry thought you had seen the price somewhere. I would be amazed if anyone paid anywhere near that.
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It sold for between £200,000 and £300,00 if I remember correctly from last time round.
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In theory the net assets of a company is it's value. If you are going to buy future profits need to be added in so this figure is multiplied by a multiple to get the rough selling price. It is in then bartered down from there once the due diligence has revealed any creative accounting.
If the net assets are negative the company is insolvent. Ie if all the people who are owed money ask for it tomorrow the company doesn't have the cash and assets to pay for it so will go bust.
For example.
Mr Wayne Rooney has 8 directorships, one of his companies is a film company. It's assets minus it's liabilities are £38million, in theory it's worth at least £38 million but if you bought it and carried it on then it could be worth £100million in 5 years, the seller would want more than £38million.
Very simplified commentary but you get the jist of it
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Question for InsideInfo - sorry to divert topic - is it THE Lords Trade Show... if so cannot wait to see photos; are the presenters public knowledge/ allowed to be shared?
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Ah ok so just on an assumption. Sorry thought you had seen the price somewhere. I would be amazed if anyone paid anywhere near that.
Just made up buddy :) still 500k for a well known company seems quite cheap ??
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Not if it's worthless.
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Last set of accounts say it's worth £366k although they are 2 years old and it could have gone a little wrong since then
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Must have a lot of bats in stock then ie unsold from this season ?
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Must have a lot of bats in stock then ie unsold from this season ?
Surely they just keep them and put new stickers on?? I can't believe that if the shapes aren't changing they'd not just change the stickers.
I'm sure if the right people took it on it'd do well. Might not be as big as GN etc but it would make a few people a good living
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Yes for sure. Without seeing the accounts I'm just guessing anyway.
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Sorry to take this off topic.
Question for InsideInfo - sorry to divert topic - is it THE Lords Trade Show... if so cannot wait to see photos; are the presenters public knowledge/ allowed to be shared?
Yes, it is THE show. A 2 day extravaganza this year. Most brands will be going public with their ranges this week, if they haven't done so already, so whilst this is a show to the trade only, photos normally emerge pretty quickly. All the big players will be there this year I believe (except maybe Puma) and as usual their will be a smattering of the smaller/medium sized guys too.
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Apologies everyone - thank you InsideInfo - Mongoose on!
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Sorry to take this off topic.
Yes, it is THE show. A 2 day extravaganza this year. Most brands will be going public with their ranges this week, if they haven't done so already, so whilst this is a show to the trade only, photos normally emerge pretty quickly. All the big players will be there this year I believe (except maybe Puma) and as usual their will be a smattering of the smaller/medium sized guys too.
So how do actually go about getting an invite?
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They're sent by manufacturers to their retailers, or prospective retailers. If you speak to an exhibitor you may be able to get one.
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They're sent by manufacturers to their retailers, or prospective retailers. If you speak to an exhibitor you may be able to get one.
Thanks. Do you know who gives the manufacturers the heads up?
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Thanks. Do you know who gives the manufacturers the heads up?
Used to be Tracey at the MCC. May have changed recently.
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Imagine it though, we could have some of the talented podshavers on here working for us...
This really would be amazing.
Dreams eh.
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Any idea how much debt they are carrying, assuming they are leveraged to some extent and don't own any premises.
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Imagine it though, we could have some of the talented podshavers on here working for us...
This really would be amazing.
Dreams eh.
Imagine the board meetings though – the bickering would be monumental
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If you purchased Mongoose; who would look to have a net with Trescothick, just for the experience, and then sack Dernbach to double the company's Net Worth? ;)
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Any idea how much debt they are carrying, assuming they are leveraged to some extent and don't own any premises.
You'd only find that out if you submitted an LOI and entered into due diligence, although the company accounts should allow you to work it out...
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It still doesn't bode well that this has happened so close to the trade show when all the new ranges are launched. Could this be the end for Mongoose? Will we see Marcus Trescothick with his own M&H MT44 range?...Who knows...
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Hi,
I am a director of Cricket Bat Acquisition Company Ltd which owns the Mongoose Brand and I will be managing the sales process. I am also a shareholder.
Thank you all for your kind comments and interest. If you have any questions or interest please feel free to contact me directly by email. At this stage I can confirm that the debt at the company is not substantial nor the reason for the sale.
Regards,
Wasim Rehman
wasim@fwegroup.com
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So, this is the 2nd time this has happened in the last 5 years, and as far as I'm aware, their bat sales have declined massively too. Not too sure why everyone is so excited about the opportunity!
There is potential there. Sales might have declined and the company might be struggling, but the brand is out there already and would be much easier for someone with the right mindset who wanted to get into the cricket industry than attempting to start their own company from scratch.
If I won the lotto I'd be seriously considering it.
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Somebody made an estimate earlier that it would cost 500k to buy. Using that, it's 500 people with a grand, or 1,000 with 500 quid. Do we think we could find them? Could we crowdsource properly?
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Somebody made an estimate earlier that it would cost 500k to buy. Using that, it's 500 people with a grand, or 1,000 with 500 quid. Do we think we could find them? Could we crowdsource properly?
I would doubt it to be honest.
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Somebody made an estimate earlier that it would cost 500k to buy. Using that, it's 500 people with a grand, or 1,000 with 500 quid. Do we think we could find them? Could we crowdsource properly?
I can find the money to buy it, it is the running costs which scares me. Any estimates on how much it may cost to keep it afloat and for how long before we see any real return?
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I can find the money to buy it, it is the running costs which scares me. Any estimates on how much it may cost to keep it afloat and for how long before we see any real return?
I would suggest you contact Wasim directly. He would be able to give an indication.
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So, this is the 2nd time this has happened in the last 5 years, and as far as I'm aware, their bat sales have declined massively too. Not too sure why everyone is so excited about the opportunity!
couldn't agree more!
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I had a chat to a few people yesterday and it seems I jumped the gun with my assumption of them struggling.
And now I have a greater understanding of the reasons for sale I'll throw in £1000 if 499 others want to join?
Someone get it listed on crowdcube.com
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Anything you can share Tom?
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Anything you can share Tom?
You should probably look at the interview that was recently done...
http://custombats.co.uk/cbforum/index.php?topic=31884.0 (http://custombats.co.uk/cbforum/index.php?topic=31884.0)
http://custombats.co.uk/cbforum/index.php?topic=31853.0 (http://custombats.co.uk/cbforum/index.php?topic=31853.0)
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I can find the money to buy it, it is the running costs which scares me. Any estimates on how much it may cost to keep it afloat and for how long before we see any real return?
Surely you would be a director, take your salary and if it goes bust there is no comeback to you.
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You should probably look at the interview that was recently done...
[url]http://custombats.co.uk/cbforum/index.php?topic=31884.0[/url] ([url]http://custombats.co.uk/cbforum/index.php?topic=31884.0[/url])
[url]http://custombats.co.uk/cbforum/index.php?topic=31853.0[/url] ([url]http://custombats.co.uk/cbforum/index.php?topic=31853.0[/url])
The reasons for selling are in these interviews?
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The reasons for selling are in these interviews?
No, the reasons for not assuming it was struggling.
I think the reason for selling is discussed in the start of this thread:
Mongoose have received enquiries regarding purchasing the business and have decided to enter into a sale process.
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Surely you would be a director, take your salary and if it goes bust there is no comeback to you.
hmmm should have done it last time I invested in an app with some friends. First the initial cost in few 10s K and then regular investment to keep it afloat hoping for some kind of return. Yet to see anything back.
Will hire you as a consultant next time GJ. :-)
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Sorry to bump this thread but whats happening with Mongoose? Are they alive or dead or on life support? Actually wanting to buy a bat cover for my Torq off their website and am not sure if anyone is manning the desk.
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Not sure....but Treschothick has changed his sponsorship from Goose to GN though....
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They've definitely been sold. I'm not sure of the company that has acquired them, but my understanding was that it was planning to continue the brand.
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Just a note to say, as of Friday I've signed a deal which will see me taking on worldwide re-sale/distribution rights to Mongoose products. I'll update you all in due course as to what that means for the brand, first we have to take account of all existing stock and refresh much of the marketing to sell that stock. An exciting few weeks are in store.
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Just a note to say, as of Friday I've signed a deal which will see me taking on worldwide re-sale/distribution rights to Mongoose products. I'll update you all in due course as to what that means for the brand, first we have to take account of all existing stock and refresh much of the marketing to sell that stock. An exciting few weeks are in store.
Great stuff Tom I wish you every success!
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Just a note to say, as of Friday I've signed a deal which will see me taking on worldwide re-sale/distribution rights to Mongoose products. I'll update you all in due course as to what that means for the brand, first we have to take account of all existing stock and refresh much of the marketing to sell that stock. An exciting few weeks are in store.
Great stuff mate!! Good luck!
I'm looking forward to seeing some good forum offers on stock ;)
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Interesting interesting.
Hope all goes well Tom, I'll keep an eye out and maybe treat myself to something.
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Good luck Tom!
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All the best Tom.
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Congrats Tom, hope all goes well for you mate!
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Great to hear, was always a little sceptical despite liking the MMi3 idea, until I snapped one up and used it last season - was amazed at the power difference! Best of luck, look forward to hearing more.
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Hope it goes well Tom - still love the TorQ bats and have an MMi3 which are great fun.
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fantastic news Tom best of luck and hope it goes well.
if you have any of the orange duffle bags for sale i would love one
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Great news Tom, look forward to what you have planned.
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It will be nice to see some cool mongoose willow pics @Tom specially with the ongoing 55% discount
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It will be nice to see some cool mongoose willow pics @Tom specially with the ongoing 55% discount
Pictures of Rebel bats particularly so...
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Tempted by a premium cor but worried about it being pretty old stock and the ones that were left behind! Might take a punt at such great prices though!
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Like all online retailers (under the distance selling regs) we do offer a 14 day returns policy.
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Thanks Tom, think I'll take a punt! Order going in!
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Good to know someone is manning the desk. I have been trying to get a TorQ from various sources and never managed to succeed. Finally a chance to get mongoose torq !
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Excellent news Tom. Good luck. I share your passion for the brand.
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What are the prices?
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@Tom are you still doing your blog posts? I can't find it for the life of me!
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The blog posts will take place now on the Mongoose Website. I'll be blogging about our successes/failures in the re-launch and a few insider things. I'll have to be a little careful what I post here now, as I'm involved with them. I have to respect the advertisers!
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Best of luck Tom.
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Good luck Tom!
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