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Old 26-05-2011, 01:58 PM   #1
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Default Denmac Ford closing today.

Hey guys,

just a heads up, Denmac ford are closing the doors at 5 pm tonight for good. Staff have all been laid off and told deals over.

Just a heads up for anyone whos getting a car serviced there etc, go chase it up quick!

Cheers.

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Old 26-05-2011, 02:07 PM   #2
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Default Re: Denmac Ford closing today.

Not good news for Ford at all. Tough times ahead it seems.
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Old 26-05-2011, 02:15 PM   #3
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Default Re: Denmac Ford closing today.

They have 3 locations, which one or all 3.
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Old 26-05-2011, 02:17 PM   #4
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Default Re: Denmac Ford closing today.

All 3, they've gone into receivership.
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Old 26-05-2011, 02:18 PM   #5
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Default Re: Denmac Ford closing today.

Yes all 3, the receiver was trying to trade on but has apparently decided to pull the pin and lock all yards up tonight, including service / parts.
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Old 26-05-2011, 04:02 PM   #6
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Default Re: Denmac Ford closing today.

That is a shame. Just drove past the Indro service centre last night, and they had quite a few cars in there....
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Old 26-05-2011, 04:17 PM   #7
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Default Re: Denmac Ford closing today.

Any cheap deals?
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Old 26-05-2011, 04:51 PM   #8
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Default Re: Denmac Ford closing today.

Worst thing is that the administrators will now eat up all the money, and the staff will have to get thier money from the government.

Company receivership is legalized robbery (IMO of course!)
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Old 26-05-2011, 04:59 PM   #9
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Default Re: Denmac Ford closing today.

These days it isn't enough to rely on one or two brands but sell various brands to spread the sales.
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Old 26-05-2011, 05:01 PM   #10
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Default Re: Denmac Ford closing today.

Does this include bremer ford?? I thought denmac owned them?
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Old 26-05-2011, 05:18 PM   #11
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Default Re: Denmac Ford closing today.

Yes Bremer are gone too..
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Old 26-05-2011, 05:26 PM   #12
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Default Re: Denmac Ford closing today.

Sad times..I hope its not a sign of things to come. New Tezza cann't come soon enough, But when ??? no ads for it ??? Ranger, Focus or FG2 all coming too late. How many other Ford dealers are in a similar situation????
My nearest Ford dealer will be Bryan Byrt, Mt Gravatt. or Metro's Brekky Creek.
Westpoint Auto have a service Dept in Monier. 3kms from home...Buying a Holden will be more conveinient for me..sad too say...Lets hope the Denmac workers get the entitlements..Who's buying Denmacs stock????
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Old 26-05-2011, 05:43 PM   #13
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Default Re: Denmac Ford closing today.

It isn’t one of those close today and open again next week wiping off most of the debt and employees entitlements?

Last edited by Supercharged; 26-05-2011 at 06:07 PM.
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Old 26-05-2011, 05:44 PM   #14
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Default Re: Denmac Ford closing today.

Theres 3 big boys looking at it apparently..

So it may still be taken over, but i doubt the employees will get their entitlements, but they may be re-employed by the new company that takes the sites / stock over.

I would say Ford will buy the stock back and farm it out to other dealers or leave it there till a buyer is found.
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Old 26-05-2011, 05:46 PM   #15
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by FG Turbo Ute
It isn’t one of those close today and open again next week wiping off most of the dept and employees entitlements?
Yes thats right, there will be a new company setup most likely part of a group who will buy the goodwill / franchise, stock and any other assets like workshop equipment, computers etc.. The debt / entitlements will go down with the rest of the company.
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Old 26-05-2011, 06:10 PM   #16
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Default Re: Denmac Ford closing today.

Serves them right .. RE: My other thread about dad trying to buy a car from two of these dealers !!
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Old 26-05-2011, 06:26 PM   #17
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Default Re: Denmac Ford closing today.

Perhaps a little sympathy for the people who've lost their jobs...I highly doubt it serves them right...

It is however, a sign of the times. I am curious how a business that has been operating for 30 odd years manages to end up in this financial position though...
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Old 26-05-2011, 06:32 PM   #18
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by Sezzy
Perhaps a little sympathy for the people who've lost their jobs...I highly doubt it serves them right...

It is however, a sign of the times. I am curious how a business that has been operating for 30 odd years manages to end up in this financial position though...
Because in the 30 years that its been running its had serveral lots of different management. They blame the floods and the GFC but theres a little more to it then that. The Falcon / Territory decline has not helped them, and being a single franchise dealership is not a good way to be in times like these, espeically considering the size of the Darra site, theres room there for a second franchise and alot of storage up the back for new cars!

I agree, at the end of the day theres probably plenty of good people that have worked there for a long period of time and Denmac Ford was probably their life.. Hopefully they will be able to regain employment soon!
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Old 26-05-2011, 06:34 PM   #19
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by Maggot
Worst thing is that the administrators will now eat up all the money, and the staff will have to get thier money from the government.

Company receivership is legalized robbery (IMO of course!)
Well are there employee entitlements owing?

You do realise employees also are priority creditors in any insolvency administration (although secured creditors will jump ahead with what are called "fixed charge assets").
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Old 26-05-2011, 06:37 PM   #20
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by DASH GT
I would say Ford will buy the stock back and farm it out to other dealers or leave it there till a buyer is found.
Doubtful - depends on contract terms.

A Receiver has a duty to establish a market value for the assets in their control and to sell them for that value. Providing the cars are not encumbered further, and are assets available to the Receiver, he/she will probably boot them to Grays or Manheim Fowles to sell over a period of time to try to protect value.
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Old 26-05-2011, 06:38 PM   #21
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by Dave_au
Well are there employee entitlements owing?

You do realise employees also are priority creditors in any insolvency administration (although secured creditors will jump ahead with what are called "fixed charge assets").
Ofcourse there would be entitlements owing.

The banks will get a go before anyone else, but the receivers ofcourse!
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Old 26-05-2011, 06:43 PM   #22
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by Dave_au
Doubtful - depends on contract terms.

A Receiver has a duty to establish a market value for the assets in their control and to sell them for that value. Providing the cars are not encumbered further, and are assets available to the Receiver, he/she will probably boot them to Grays or Manheim Fowles to sell over a period of time to try to protect value.
The receiver wants to sell it as a going concern, if he dumps the stock to grays or manheim fowles hes going to cause a drama... Its a catch 22... I know they sold some stock off to other dealers already to try and clear some of it out, I think some of the dealers were trying to help them out in that regard.

Its more then likely someone will buy the franchises and they are going to want some stock so they can get things open again pretty soon, but it takes time to do a duediligence on the business, plus Ford have to accept the buyer.
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Old 26-05-2011, 06:44 PM   #23
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Default Re: Denmac Ford closing today.

Very sad day indeed,

There were some bloody good people in Parts and Service there.

I did hear a rumour that Eagers at one point were interested not sure if anything progressed further...
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Old 26-05-2011, 06:45 PM   #24
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by DASH GT
Because in the 30 years that its been running its had serveral lots of different management. They blame the floods and the GFC but theres a little more to it then that. The Falcon / Territory decline has not helped them, and being a single franchise dealership is not a good way to be in times like these, espeically considering the size of the Darra site, theres room there for a second franchise and alot of storage up the back for new cars!

I agree, at the end of the day theres probably plenty of good people that have worked there for a long period of time and Denmac Ford was probably their life.. Hopefully they will be able to regain employment soon!
It's the one owner though, right?

I saw the article about the floods, but I think for it to be coming out now, this would have been an issue months before the floods hit...?

I hope that someone does buy it, and the workers aren't too hard done by as a result of the news - I certainly wouldn't want to be in their shoes...
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Old 26-05-2011, 06:49 PM   #25
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by Sezzy
Perhaps a little sympathy for the people who've lost their jobs...I highly doubt it serves them right...
Perhaps .. but i'm currently unemployed so i call their attitude as i saw it when Dad tried to buy a NEW G6 ET!!

You don't have to reply on everything you don't agree with Sarah ...
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Old 26-05-2011, 06:51 PM   #26
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by XR6menace
Serves them right .. RE: My other thread about dad trying to buy a car from two of these dealers !!

I found them great to deal with 4 years ago when I brought the xr6
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Old 26-05-2011, 06:53 PM   #27
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by Dave_au
Well are there employee entitlements owing?

You do realise employees also are priority creditors in any insolvency administration (although secured creditors will jump ahead with what are called "fixed charge assets").
Employees, suppliers and even customers that have paid deposits are all considered unsecured creditors.
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Old 26-05-2011, 06:57 PM   #28
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by XR6menace
Perhaps .. but i'm currently unemployed so i call their attitude as i saw it when Dad tried to buy a NEW G6 ET!!

You don't have to reply on everything you don't agree with Sarah ...
I thought their sales let them enormously their attitude was not good however,

Their Service and Parts team they are damned good guys and have saved me a lotta $ over the years.

Unemployment is never fair nor is it wanted...
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Old 26-05-2011, 06:59 PM   #29
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Default Re: Denmac Ford closing today.

Quote:
Originally Posted by XR6menace
Perhaps .. but i'm currently unemployed so i call their attitude as i saw it when Dad tried to buy a NEW G6 ET!!
Absolutely no need for that Darren. Once off leaves a sour taste in everyone's mouth for sure but let bygones be bygones. Holding a grudge leaves one man bitter.

Slightly off topic, what happened to your Repco job?
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Old 26-05-2011, 06:59 PM   #30
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Default Re: Denmac Ford closing today.

They had what I understand was THE very last of the V8's (XE sedan) sitting in the show room for ages. Never registered & susposedly only delivery km's. Any one know what may have happened to this?
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