A&O adds £21m to war chest after cashflow drive

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  • Profits of £300m, so they decide to sack a load of workers in London so that they can make a sliver more profit in Northern Ireland.

    And even then A&O don't pay the redundancy costs. They get the taxpayer - including the sacked staff - to stump up £2.5m to relocation costs.

    Contemptible little men.

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  • Reducing 'lock-up' from 138 to 131 days is not something to crow about. It is indicative of institutionalised behaviours concerning the provision of credit. Assuming the sum is approximately equally divided between unbilled WIP and debtors the message is clear; A&O are giving clients an average of nearly 4 and half month's free credit on every bill. Is this the way to run a large business? 90 days lock-up is an achievable goal. I am surprised the banking community hasn't reacted tooa competitor in their midst who provides free credit.

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  • Angry Tick 9:42

    It's simple commercial logic. A&O don't have a responsibility to pay over the odds for people who choose to live and work in London when they can get the same service for less elsewhere.

    It's a profit making business and I'm sure the people of Belfast are pretty happy about it. There are other folk outside of London you know (including humans).

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  • "I am surprised the banking community hasn't reacted to a competitor in their midst who provides free credit"

    Ha. For the most part, it is the banks which are getting the free credit from their lawyers!

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  • @ hmmmmmm...

    I know there are people outside London, I'm one of them.

    What I object to is that A&O will make money from this move - fine, that's their tickle, even though they're richer than Croesus they want more - but are getting the taxpayer to pay for it. I object to my hard-earned going to A&O partner pockets...and them getting the rewards...

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