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Christine cooper
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Christine cooper

Christine cooper

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Posted

Wash n dry laundry lordship lane is closed due to legal dispute with other director while the other 2 share holders clearly want to keep it open it’s big part of Dulwich which comments even from the elderly community classing the shop as there community hub to get out… we got to raise 400.000 where we could raise at least 200.000 but we need Dulwich help we done a go fund me if anyone can help and offering the largest donation a pay back in two options but if we raise this that’s it the shop stays open with no further threat of closures 

https://gofund.me/100235c2

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Sue

Sue

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Posted

Why is there a legal dispute? Have I missed something?

Unfortunately £200,000 seems like a  massive amount to try to raise for something like this, let alone £400,000.

What would the money be used for? Isn't it a privately owned business? Would it just all be given to one director? Would the donors have some kind of share in the business?

I'm sorry the launderette may have to close, but I'm  struggling to understand, sorry.

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Bic Basher

Bic Basher

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From what I understand, the launderette has three directors.   Two wish to keep the business open while the third wants £200k to sell his share, so because they're in dispute with the third director, they've shut the launderette.   The Dulwich one would have more value being in an affulent area, so you can understand why director 3 wants to sell.

They have two other launderettes in Nunhead and Brockley Rise which aren't affected.   

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Sue

Sue

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10 hours ago, Bic Basher said:

From what I understand, the launderette has three directors.   Two wish to keep the business open while the third wants £200k to sell his share, so because they're in dispute with the third director, they've shut the launderette.   The Dulwich one would have more value being in an affulent area, so you can understand why director 3 wants to sell.

They have two other launderettes in Nunhead and Brockley Rise which aren't affected.   

So the people donating would have a share in the business, having jointly bought the third director's share?

That seems very complicated, unless I have misunderstood?

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Jenijenjen

Jenijenjen

Posted
Posted (edited)

OP states they need to raise £400,000 to buy the third director out of which they can raise £200,000 so are looking to raise £200,000 by crowd funding means.  For that kind of money, I would have thought they are looking to acquire more than the business, perhaps the ownership of a part of the building that includes the launderette's premises? 

Edited by Jenijenjen
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Jules-and-Boo

Jules-and-Boo

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Posted

If each share of the business is worth £400k, then the two directors have assets each worth £400k.

If they are each able to raise a loan for only 25% of that then it would suggest that the business is either overvalued or that there are other debts and the debt to asset ratio is too high.

This isn't accounting for the other two laundrettes owned, which they should also be able to leverage to raise the additional £200k

If they want £200k - there is a potential of a huge number of individuals owning 1/6th of the business.

How is that good business practice?

 

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Sue

Sue

Posted
Posted
6 hours ago, Jules-and-Boo said:

what is the nature of the dispute? lack of information isn't really swaying me to support them

I'm still not clear why I'm being asked to donate money to a business undertaking in which I will apparently have no legal financial interest.

Have I misunderstood how GoFundMe  works?

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Jules-and-Boo

Jules-and-Boo

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No, you haven’t. It’s basically asking for you to give them money to help them with something they won’t explain and you’ll get a free wash or something in return.

GoFundMe is just people asking for money, sometimes for good causes and sometimes not. Have a look at the various appeals on the website. It’s enlightening

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vladi

vladi

Posted
Posted

This sounds altogether far too messy and has insufficient information.

The first questions I would ask are:-

1. Is the OP a director or just a well-intentioned local customer?

2. If the directors are in dispute, why are all three locations not being shut and the company/partnership liquidated.

The original Investors/partners in any business  take risks but operate within the articles of association.

They should sort this out amongst themselves without handing out the begging bowl.

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Coejoanne

Coejoanne

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Posted

Very sad that people who come into the laundry are choosing to comment about this no one is begging for money we might have 2 other shops can’t touch Because of probate some one has gone out of their way to looked up to see if we have gone to court get a life please the shop has no debts to anyone we just thought that so many customers said they wanted the shop to stay open we thought they might want to help us achieve this but no thanks to these people who have said negative comments when we do open again and we will please don’t bother using our shop we don’t want negativity from you but you want to know what is going on though very sad to read these comments people have left we will be open again soon 

 

 

On 23/07/2023 at 18:22, ianr said:

https://www.eastdulwichforum.co.uk/topic/323899-wash-and-dry

https://find-and-update.company-information.service.gov.uk/officers/BB6y8KtP7OmpXDWVp-oJEY0MTjw/appointments

I've not found any mention in tomorrow's court lists that seem to match any of the personalities.

Sad person haven’t you got something better to do 

On 20/07/2023 at 20:27, Jules-and-Boo said:

No, you haven’t. It’s basically asking for you to give them money to help them with something they won’t explain and you’ll get a free wash or something in return.

GoFundMe is just people asking for money, sometimes for good causes and sometimes not. Have a look at the various appeals on the website. It’s enlightening

Hope nobody asks you to help them 

On 22/07/2023 at 21:07, vladi said:

This sounds altogether far too messy and has insufficient information.

The first questions I would ask are:-

1. Is the OP a director or just a well-intentioned local customer?

2. If the directors are in dispute, why are all three locations not being shut and the company/partnership liquidated.

The original Investors/partners in any business  take risks but operate within the articles of association.

They should sort this out amongst themselves without handing out the begging bowl.

No one is begging sad people on here

On 20/07/2023 at 10:00, Jules-and-Boo said:

If each share of the business is worth £400k, then the two directors have assets each worth £400k.

If they are each able to raise a loan for only 25% of that then it would suggest that the business is either overvalued or that there are other debts and the debt to asset ratio is too high.

This isn't accounting for the other two laundrettes owned, which they should also be able to leverage to raise the additional £200k

If they want £200k - there is a potential of a huge number of individuals owning 1/6th of the business.

How is that good business practice?

 

You haven’t got a clue what you’re talking about so don’t bother commenting 

On 20/07/2023 at 20:21, Sue said:

I'm still not clear why I'm being asked to donate money to a business undertaking in which I will apparently have no legal financial interest.

Have I misunderstood how GoFundMe  works?

Yes you have 

On 23/07/2023 at 18:22, ianr said:

https://www.eastdulwichforum.co.uk/topic/323899-wash-and-dry

https://find-and-update.company-information.service.gov.uk/officers/BB6y8KtP7OmpXDWVp-oJEY0MTjw/appointments

I've not found any mention in tomorrow's court lists that seem to match any of the personalities.

Sad people 

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nivag

nivag

Posted
Posted

You  can't expect people to give you money without trying to understand what it's for and if you really need it.

The amount you say is needed isn't exactly pocket change and they have a right to know if this is an investment or giving money for no return other than keeping the laundromat open.

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Angelina

Angelina

Posted
Posted

Snipey comments in reply to some very sensible comments.

The launderette remains open despite less that 0.5% of their requested £200,000 being raised, and now they have ungraciously barred anyone who showed an interest in supporting them.

 

 

 

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Coejoanne

Coejoanne

Posted
Posted

No one is supporting us but come on here commenting about our shop with negative comments but want to come into the shop wanting all the gossip about our shop no one is barred from the shop I was saying people that put nasty comments on here don’t bother coming into our shop when we open again because that’s being two faced 

13 minutes ago, Bic Basher said:

The Launderette was closed on Wednesday when I went past, so unless you've been past today, I suspect it's closed.

Personally I hope it reopens ASAP.

Thank you we will be opening soon 

5 hours ago, Angelina said:

Snipey comments in reply to some very sensible comments.

The launderette remains open despite less that 0.5% of their requested £200,000 being raised, and now they have ungraciously barred anyone who showed an interest in supporting them.

 

 

 

What interest in supporting us please

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ed26

ed26

Posted
Posted (edited)

I'd like to understand this more, as it would be a great opportunity for the community to own part of a local business and participate in the success, but there's very little information on the GoFundMe page and the questions haven't been answered in this thread either.

My understanding is that 50% of the business is owned by an absent Director, and is valued at £200,000. The other 50% is owned by Sarah Coe and possibly Joanne Coe, also valued at £200,000 (logically). Sarah Coe is trying to raise £200,000 to buy the absent Director's share of the business.

If the GoFundMe raises £200,000, do Sarah & Joanne Coe  own 100% of the business, or does Sarah Coe still own 50%, with the 50% acquired from the absent Director being owned jointly by everyone who contributed to the GoFundMe?

One of these options sounds like a great opportunity for local people to participate in a local business (for local people). The other sounds like giving Sarah & Joanne Coe lots of cash so they can own all of the business and not share any of the benefits. I do hope it's the first option, as the second sounds rather cynical - what would stop them from then selling the whole business for £400,000 and not returning the funding to anyone who contributed?

I've read the comments about only commenting if you want to support the business. I'm very interested in supporting if it's fair for everyone who contributes.

Edited by ed26
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