wiggins group

Scrutable

With regard to Houdini like fund raising, it surely begs the question why Wiggins got themselves into such a state that it was necessary.

As someone experienced in raising funding for the property group who are my employers, just ahead of £10 million over last four years, do you not think Wiggins take their JIT ( Just in time ) strategy a bit too close to the wire.
I review our cashflow at least three years forward and don't rely on property trading deals but treat these as a bonus as and when they finalise.

Regarding revenue recognition, whilst some of the profits recognised had cash inflow at the time into Wiggins, the bulk of the overstated profits did not, as far as I recall, relate to transactions where Wiggins had actually received payment.

What you are congratulating is akin to a builder who botches your house extension, leaves you worried and unable to sell it for a number of months, and then eventually fixes the problem, albeit partly at your expense. In addition the design they have used for the extension is unproven and they are not sure if it will last more than another 12 months.You also find out that in the process they have sold part of your house to some other people for far less than you thought it was worth before they started the extension.

You are obviously easily impressed.

Voldemort
He who cannot be named