The linked FAQ article shows what a grey SNAIC looks like as opposed to a grey/lavender grey interconnect.
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The writing on the wall
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Wow. No wonder. 
The killer looks like the £68k bad debt.
Wow?
Sorry i’m in tech not much in finance, of coarse they are linked I know. Whilst wishing all the best to all parties here, I ask, without reading 50 pages, whats the takehome here?
Overspending? Under-investment? Both? Lack of income?
Thanks @RogerGround @marksnaim
Martin
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Just been credited the amount outstanding by my CC company.
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I think that the take home is that a small business operating within a niche market in uncertain times is vulnerable. Just look at the number of boarded up shops in our town centres.
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There might be more information when the appointed insolvency practitioner posts the statement of affairs - that should show estimated asset and liability balances, but may not provide a full story. That might be a matter of days / weeks, and I don’t think there is any merit in speculation before that is available. There was a £68k bad debt but we don’t have any up to date financial info so anything else is speculation.
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Mostly down to ridiculous business rates, parking charges and out of town shopping centres.
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Someone (maybe Tim) mentioned some court case charges of £39,000 in the accounts, which may of had something to do with their previous cable supplier as Josh told me they’d had a lot of trouble with them.
Whatever the court case was for it wouldn’t of helped.
I would have thought they had insurance cover on things like that? Just like what i have.
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I’d assumed they would have had a bigger turnover given the popularity and cost. Not a sizeable enough business to support 4 staff for long for sure.
Also surprised it lasted so long, I can understand people’s frustrations but I don’t think a Naim forum is the best place for people to express their raw feelings.
A rotten situation for customers and company, I think that’s all we can say at this point.
I’m hoping we see some unexpected good news for customers but realistically…
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They may seem big on here but a business model aimed at selling cables to one high end Hifi manufacturer is pretty niche. I appreciate their products could be used with other manufacturers equipment but their marketing seemed fairly squarely aimed at Naim owners.
The new series coming along would have meant developing a new set of cables with less variety.
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Strangely, the most vocal ones hadn’t ordered anything and didn’t seem very interested in discussing the topic of the thread.
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Tim/members any idea how best to prove insolvency status of the company (for section 75 claim) other than website? I suppose that might be enough, but now the previous thread has gone, so has a lot of useful counsel!
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I emailed Witch Hat asking a simple question about my order and got an auto-reply saying that trading had been suspended. I forwarded both that and a website screenshot to Amex (along with info about the order) and that seems to have been enough for them since they have already credited the transaction back onto my account. I consider myself lucky
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That’s a very good question. Their website has a notice saying insolvency practitioners are being appointed so a screen shot of that and any email response you can get.
Ideally everyone who is owed money will communicate with the insolvency practitioners and let them know of the claim, so you will get something back from them. But until you know who they are you can’t communicate with them.
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When you contact your card provider/bank they will ask you some questions and also ask you to provide some evidence to back up your claim.
They’l probably ask for proof of purchase, date of purchase and if it was over 120 days then probably some proof of any delay notifications you received from Witch Hat etc etc.
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Thanks Dave, Tim and Yorkshireman for the wise council. I have a claim reference and Lloyds (Mastercard) have been very helpful, to date… I now need to send everything. So this is helpful.
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