chinnyhill10 wrote:
So, what happened?
Like all good heroes, I went to the pub and I got mortally drunk and couldn't see to type when I got home. So apologies for leaving you hanging.
Well, it was exactly as I imagined I'm afraid; Our 12 month fee forecast was presented and discussed and we basically drew a line across December. If we don't get any more commissions before the end of November there will be redundancies.
I am of of the
two members of staff and I am the most expensive!
If one or two of the projects that we have in the pipeline that are tagged as 'highly probable' (to turn into fee earning work) come in then the business can delay the redundancy decision until March. If more of them (or all of them) come in then we will be able to ride out the next 12 months.
Most of this is reliant upon the bank providing the business with a borrowing facility, the decision is due next week. If they decline the application then it's pretty much game over for both members of staff and the directors will probably go back to working out of their dining rooms. As a relatively new business our access to borrowing is somewhat limited so it's not a sustainable plan.
In the short term to there will be cost cutting - we're serving notice on the first floor of our office so we'll all be in one smaller office downstairs; the directors are foregoing their dividend for the next 2 years and other smaller stuff to reduce costs.
I'm not sure how I feel. I am bitterly disappointed that this has happened as I was previously with a large company who offered slightly more security; but my old office have just laid off three people (admittedly they were the poorest performing members of staff that I had already ear marked for binning off before the Troubles (tm)). However, I always suspected that this might happen and it was a likely outcome. When I made my mind up to move (6 months ago) who really would have thought that the Government would be bailing out Lloyds or HBoS? Besides on a different day the opportunities here far outweighed the risks. And it's quite fun.
So, my options are;
1. Sit tight and ride it out hope for the best and give the guys my support
2. Start my calls now and see if some of the last remaining QS/PM jobs in Wales/South West are still available
3. As per 2 but dust off my Pith helmet and head to the Far East - Where all of the MONIES! are.
I need to make sure that I can maintain a similar income - I'm getting married next December and The Current Future Mrs The Egg has very expensive tastes.