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'Apprentice' Tom's business 'in debt, making loss' |
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#1 |
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Join Date: Sep 2008
Posts: 10,011
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'Apprentice' Tom's business 'in debt, making loss'
Apprentice candidate Tom Pellereau's business is reportedly in debt and making a loss.
M&P Consulting - which specialises in giving advice about designing, prototyping, manufacturing and supplying to inventors - has debts of over £15,500 and made a loss of £1,215 last year, the News of the World reports. Related content from Digital Spy:
'Apprentice' Tom's business 'in debt, making loss' |
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#2 |
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Join Date: Jun 2008
Posts: 784
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Nasty stuff. Goodbye and good riddance, NOTW
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#3 |
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Join Date: May 2006
Posts: 1
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He has been in the boardroom alot and from what it seems he has only been kept in because of his previous "successful" inventions.
If Lord Sugar finds out about his debts in the interview, he is going to be in alot of trouble. |
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#4 |
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Join Date: Feb 2009
Posts: 9,699
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Those figures for debt and loss are trivial.
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#5 |
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Join Date: Jul 2002
Location: In a Whittle Wonderland!
Posts: 37,511
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Quote:
Those figures for debt and loss are trivial.
I had to look twice at the figures because the way the article is written I thought they were talking about millions! With Lordsuralun guiding him those losses would soon turn into profit.
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#6 |
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Join Date: Mar 2009
Posts: 275
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Quote:
Those figures for debt and loss are trivial.
A drop in the ocean for any business, the figures are hardly worth mentioning. Typical headline grabbing stuff with no real substance to it. |
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#7 |
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Join Date: Sep 2010
Posts: 11,932
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Tom's debts and loss are surprisingly low, which is good. Anyway, debts are normal for a typical new company to have (providing that forecasts are sound). Typically, some new companies fold within the first two years, and those that survived those first two years are likely have debts and small losses for another two years. It's fine as long as they have enough incomes to pay off monthly repayments or interest. That piece of news is much ado about nothing, imo.
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#8 |
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Join Date: Mar 2009
Posts: 275
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The press would have us believe that most households have about the same amount outstanding in the form of loans and credit cards so it's not exactly a scary sum. As a previous poster has mentioned, most businesses would not expect to be in profit for a year ot two and I think Tom is playing the long game anyway with his inventions. I would imagine you have alot of fees to pay upfront in his business for patents/laywers etc before you ever see any gain. It might be different if he'd opened a sandwich shop where you might expect a quick cash return but he hasn't so I'm not going to worry about this article. Actually it shows that he is prepared to take risks and understands business. Good for him
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#9 |
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Join Date: Jun 2005
Location: Nottingham
Posts: 11,478
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Successfully backed businesses on Dragons Den have had debts that dwarf Tom's - no way would Lord Alun be worried about them.
Mind you if Tom went out of his way to hide them, then that would be a cause for concern - but I doubt he did, no matter what "a source" says... |
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#10 |
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Join Date: Apr 2007
Location: Soton
Posts: 1,327
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Quote:
Nasty stuff. Goodbye and good riddance, NOTW
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#11 |
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Join Date: Jan 2008
Posts: 629
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Correct me if I'm wrong as I only skimmed the NOTW article but it says (at the end of course) that the debts are loans to Tom himself and his partner which is perfectly normal business practice.
This non-story says more about NOTW half-truth-journalism than about the health of Tom's business. |
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#12 |
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Join Date: Oct 2010
Posts: 353
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Quote:
The press would have us believe that most households have about the same amount outstanding in the form of loans and credit cards so it's not exactly a scary sum. As a previous poster has mentioned, most businesses would not expect to be in profit for a year ot two and I think Tom is playing the long game anyway with his inventions. I would imagine you have alot of fees to pay upfront in his business for patents/laywers etc before you ever see any gain. It might be different if he'd opened a sandwich shop where you might expect a quick cash return but he hasn't so I'm not going to worry about this article. Actually it shows that he is prepared to take risks and understands business. Good for him
Not sure why he needs patents and lawyers for that. |
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#13 |
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Join Date: Jun 2006
Posts: 40,289
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Quote:
Those figures for debt and loss are trivial.
A prime example of why this low life trashy newspaper will not be missed by me! |
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#14 |
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Inactive Member
Join Date: May 2011
Location: On the ground
Posts: 3,686
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Lots of businesses don't make a profit. No profit= no tax.
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#15 |
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Join Date: Oct 2010
Posts: 353
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I suppose his business is to help people, inventors like himself. They usually dont have money, and most likely he is never paid. Unless the invention 'hits' off which most dont. He doesnt mention marketing inventions which is the most important. I suppose LS could be interested in such a type of business, but not with Tom at the helm. LS has had many disasters in his business, not everything sells, but at least not all were. Anyone could have told him an emailer would never sell even at a loss and could never make a profit from users. He is already old and I dont think at his time of life is really interested in 'risking' again.
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#16 |
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Join Date: Nov 2004
Posts: 12,487
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I like Tom but he does not inspire confidence in the business sense. He should stick to what he enjoys, inventing and detail, and let someone else run a business.
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#17 |
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Join Date: Oct 2010
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what he ought to have done (I believe he hasnt) is to make sure that all inventors paid up front for all the work he has to do with their inventions. No different to a solicitor whom you pay by the hour. This would be really similar to a solicitor meaning it would be a one man business, much too small for LS to be involved in. The figures given are very very small. Unless he has his own 'super' invention I cant see where LS comes in.
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#18 |
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Join Date: Mar 2009
Location: Ireland
Posts: 4,312
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Good old NOTW.
This isn't an issue. If he wins, LS is unlikely to just hand him the money and say 'off you go'. You can guarantee that the tightest control LS keeps is financial, which will really benefit someone like Tom. |
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#19 |
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Join Date: Nov 2004
Posts: 12,487
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Quote:
what he ought to have done (I believe he hasnt) is to make sure that all inventors paid up front for all the work he has to do with their inventions. No different to a solicitor whom you pay by the hour. This would be really similar to a solicitor meaning it would be a one man business, much too small for LS to be involved in. The figures given are very very small. Unless he has his own 'super' invention I cant see where LS comes in.
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#20 |
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Join Date: Dec 2010
Posts: 199
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Looking over his website M&P Consulting doesn't seem to be the only thing he is involved in,
http://www.harrietpellereau.com/ http://www.stylfile.com/ |
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#21 |
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Join Date: Mar 2009
Posts: 275
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Quote:
His business is only 'advising' others.' M&P Consulting - which specialises in giving advice about designing, prototyping, manufacturing and supplying to inventors - has debts of over £15,500 and made a loss of £1,215 last year, the News of the World reports'.
Not sure why he needs patents and lawyers for that. I realise that in order to bring these things to the mass market you do need investors but I often do feel very sorry for the people that have done all the work and taken all the risks. (this is assuming there is a mass market for the items, I 'm not talking about all the rubbish that they have on the programme) For that reason alone I think there is a market for a Tom type business if it stops people making silly mistakes or backing their shirts/hoyses on a loser. It is often hard to see what others see when you have put your heart & soul into creating something. If Tom is there to guide them through the process, then good for him |
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#22 |
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Join Date: Sep 2010
Posts: 11,932
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Quote:
what he ought to have done (I believe he hasnt) is to make sure that all inventors paid up front for all the work he has to do with their inventions. No different to a solicitor whom you pay by the hour. This would be really similar to a solicitor meaning it would be a one man business, much too small for LS to be involved in. The figures given are very very small. Unless he has his own 'super' invention I cant see where LS comes in.
Sorry, those bits in bold are the funniest and most optimistic comments I read today. My dad's an entertainment lawyer and some of his clients still haven't paid up. Not consistently, anyway. There are some solicitors who refuse to work until they're paid upfront, but they are a rarity. It's apparently not practical nor realistic.
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#23 |
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Guest
Join Date: Nov 2007
Posts: 6,073
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Quote:
Sorry, those bits in bold are the funniest and most optimistic comment I read today. My dad's an entertainment lawyer and some of his clients still haven't paid up. Not consistently, anyway. There are some solicitors who refuse to work until they're paid upfront, but they are a rarity. It's apparently not practical nor realistic.If Tom had know-how of undoubted value and beyond compare, he can always insist on payment on the day. |
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#24 |
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Join Date: Mar 2011
Posts: 1,366
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The winner has already been chosen and I'm sure Sir Al would have been aware of this anyway so its probably not as if they're revealing something he wasn't already aware of.
Also, why say "When Lord Sugar realises this, it won't reflect well on Tom" - are they dropping a huge hint there?? Good riddance NOTW
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#25 |
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Forum Member
Join Date: Sep 2010
Posts: 11,932
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Quote:
Solicitors offices in the high street will insist ordinary folks pay cash like £290 per hour, on the day of the consultancy in their office. Consultancy for celebs would be a different situation.
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Sorry, those bits in bold are the funniest and most optimistic comments I read today.