MadModder
The Shop => Tools => Topic started by: DennisWA on July 11, 2011, 06:05:03 PM
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I have just received an email to the effect that Myford has ceased trading. It says that "Assessors are looking at the company to see what can be recovered, but for now you may wish to know that there is to be a closing down sale at the company’s premises on Saturday from 09:00 to 17:00 and on Sunday from 10:00 until 16:00."
Dennis
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i wondered why there web site was down the other day
Rob
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John Stevenson has posted insightful comment on The Home Shop Machinist & Machinist's Workshop Magazine's BBS
I leave it to John to post any comment here.
Cheers
Dennis
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Methinks you should wait a while before jumping to conclusions and spreading unsubstantiated rumours, which they all are at this time.
By the way it looks, it could just be a cleaning out and bringing the company into the 21st century way of working, nothing else.
John
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Methinks you should wait a while before jumping to conclusions and spreading unsubstantiated rumours, which they all are at this time.
By the way it looks, it could just be a cleaning out and bringing the company into the 21st century way of working, nothing else.
John
Sincerely hope so........
David D
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Good job my Myford is built to last then !! :coffee:
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Way off track perhaps but I always imagined Myford to be somewhat akin to the Morgan motor car people. :coffee:
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As you may know I live very close to Myford works
I Phoned them yesterday and spoke with sales the do have the liquidators in but NOT the receivers
they are having a sale this weekend
a colleague has also been in touch with them and in a email to him they state that they are holding a massive clearance sale of all stock and machines this weekend and slots are filling up fast
I am not sure what the last bit means , have the liquidators invited dealers in ?
Stuart
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This is going on all over the model engineering fraternity, jumping to conclusions.
Over the last week or so, Myford has registered four new trading names,
MYFORD LIMITED 07696313 07/07/2011
MYFORD MACHINE TOOLS LIMITED 07694334 05/07/2011
MYFORD SALES LIMITED 07694244 05/07/2011
MYFORD SALES ONLINE LIMITED 07695396 06/07/2011
Whether this is to protect the Myford name if it does close down, or an attempt to bring it up to date, as it has been working with 1960's practices up until now, is anyone's guess, and as it stands, it is guesswork and rumour mongering, as only Myford know what is going on.
I would suggest we all wait until next week, when Myford said they will be giving us an update (from the horse's mouth, so to speak), before jumping to unfounded conclusions.
What you are doing here with your speculation could be spoiling Myfords chances of maybe making a recovery, and they have enough to worry about at this time as it is.
Just to make a point, I am not a great Myford fan at all, but even so, I wouldn't want my actions and thoughts to bring down a much loved and well respected (by other people) institution.
John
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I am hoping everything will be okay! :thumbup:
Love my Myford, even though it is only my first "Big Boy" lathe!
If we are lucky, this restructuring may make the spares more affordable.
But who knows...
Wait out the week and see what happens!
We have no control over what does happen, i only wish for the favourable to happen!
I am with Bogs on this one!!
Andrew
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I wouldn't be surprised given the vastly over inflated costs of their machinery, I can't honestly understand how or why people buy them new. They could be registering the new trading names so they can sell them to someone Chinese company for £1 each.
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I wouldn't be surprised given the vastly over inflated costs of their machinery, I can't honestly understand how or why people buy them new.
I'm not an economist, but there are formulae for calculating the relative value of goods based upon a given national economic standard. I can remember seeing prices of £79 and £109 (IIRC) in the early 1960s when I first began to read ME (and recall the wails of ourage at those prices) so I wonder how the price of the Myford would fare if run through a price index? Plugging £109 in to a Wot's It Worth Now page, I come up with £1,730.00, when using the retail price index, and £3,930.00 when using the average earnings index. Let's wait to see what happens, although it would not surprise me to learn that Myford has elected to pursue more profitable business directions than making lathes. Accoring to another contact I have the works is greatly underutilized and valuable real estate and is being evaluated for sale and developement.
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I think they make Cylindrical Grinders as well as lathes ..
Or, they used to do them.
Dunno now though.
Myford website is down for 'maintenance' .. although the section for re-built lathes is still there.
Who knows, time will tell I guess..
Dave BC
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Well ...
http://www.myford.com/
What do you make of this?
Dave BC
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Well ...
http://www.myford.com/
What do you make of this?
Dave BC
All spares stock and equipment? Sounds like they and thinking of building a supermarket on the site.... :coffee:
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No doubt about it the name has some mana ever this far away and many will be sorry to see it go, if it does. More likely we will see the name on generic Chinese machines (suitably priced of course), isnt that what happened to South Bend?
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Hmmmmmmmmmmm....... looks like the cousins have swiped the name.. :coffee:
http://www.pocket-lint.com/news/40740/myford-touch-applink-ford-ka (http://www.pocket-lint.com/news/40740/myford-touch-applink-ford-ka)
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"All spares, lathes and plant equipment available"
:(
Final Clearance sale.. That sucks. Im very sorry if that is a closing doors sale.
If they got in a influx of cash and are going to re-sort themselves in a larger factory, then I am supremely happy to hear it.
I have seen a lot of businesses here in the states whimper and finally give in quite a few times in similar manner.
I have my fingers crossed that they are re-organizing to go to a better more cost effective place, and keep the company going.
Scott
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Had another e-mail through various routes to the effect that it is closing and a lot of people seemed to know at the club last night. Again, don't know whether it's traced back to the horses mouth but it definitely mentioned closing down. Time will tell, if they are re-organizing I can't see them catering for the hobby market, it just can't be an area of that sort of growth that you would want to invest millions in.
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According to this ..
http://www.model-engineer.co.uk/forums/postings.asp?th=53234&p=3
They are no more ... to all intents and purposes ..
Dave BC
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After doing a bit of digging....
....there are NO official signs that Myford are going/have gone under. My money, therefore, is on this being a big clear-out, followed by a change of direction. Anything beyond that is pure 100% speculation.
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i will tell you when my order for some bits arrives note this was placed before the web site when down because I used it to quote part numbers to them
so I wait for my bits and bobs and for more info like the rest of you
if they do not get here then then have gone IMHO
Stuart
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I would hope they will either honour your order or let you know why they aren't but I think you'll get your bits. Of course it's all speculation, but strange that they would sell everything, even with a change of direction, but if the change of direction is that great then Myford won't be Myford as we know it surely. The trading names Bogs pointed out are interesting though, will be interesting to see what happens.
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then look up Hoffung ltd at companies house :bug eye:
that will make you think . I believe that ford have move some assets around to Hoffung
Stuart
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well guess what got my bits today from myford posted yesterday 13 july
but they have sent them in the packets they get them in so now i have the part no and manuf. but a quick google only see them in the US so i must improve my google ninga
they are unisix carbide tips they are ground up and have a chip grove ground in the best is they have six cutting facets and unusual for carbide are razor sharp
they are W04233800212 by komet
Stuart
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I have just got back from Myfords, spoke to Chris Moore and RDG who are there in force clearing out.
Bottom line is that RDG have bought all the spares and anything other than machines that is not bolted down, this includes the contents of the fitting shop, inspection and other departments. They have also bought all the jigs and fixtures.
They have also purchased the drawings and intellectual rights of the company.
They have bought / rented another 3,000 sq ft warehouse to put all this in and will be running this as a separate company. They will still sell the Indian imports but as imports and run a two tiered system to supply all needs. This direct face to face from RDG this morning.
What is on sale to the public are all the Myford lathes, millers and a few drilling machines plus the contents of the shop and secondhand accessories, vises, boxes of cutters odd collets etc.
The items are all priced up as of 12:30 today but not the machines but I was told these will be priced up by tomorrow.
The bits and pieces are reasonable £30 for a 6" vise, used and not pristine, indexers from £30, various chucks etc.
On the machines there are quite few new lathes and some early ML7's and S7's that are untouched as bought in for refurb.
Only pricing I saw was for a couple of ML10's at £2,322 and £2,554 each and a VMA attachment for a series 7 at £2,000
Two shots of the machines for sale.
(http://www.stevenson-engineers.co.uk/files/myfordsale1.jpg)
(http://www.stevenson-engineers.co.uk/files/myfordsale2.jpg)
Two shots of what is on offer to the public.
(http://www.stevenson-engineers.co.uk/files/myfordsale3.jpg)
(http://www.stevenson-engineers.co.uk/files/myfordsale4.jpg)
I was told by the asset sales guy that machines will be sold at market value as there are the last to be produced and sold, there will be no more, his words, not mine.
There are some machines included in the plant like modified Myfords and couple of tatty 254's and one Mini-Kop and a couple of Mg12 grinders. You will have to see one of the asset guys over these to get a price.
All the good plant has already been sold. [ Hence my trip today <g> ]
John S.
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shame really
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Had an e-mail yesterday regarding this & RDG too, basically just saying not to venture down as you'd be disappointed!