UK 11:33 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Managing a company that has run out of cash is hard. You must delay paying bills until the last possible moment, keep the banks happy, try to generate cash however but in the end something cracks. If like Quenron you have net debt and are burning cash, you can stretch your average payment terms out to a disgraceful 122 days (and climbing) but in the end someone you owe money to takes you to court and gets a County Court Judgement (CCJ) against you. For investors this is a massive red flag.
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments
Scott Sanderson
QSM are based near Liverpool St, not Southampton!!
Mike Thomas
Tom: much as we rely on your diligence and forensic approach to digging out the details…..without knowing the background to this, I’d be tempted to watch out……the last thing we need now if for your credibility to be blown as they fight back to destroy your good name!
alex cliff
should they have rns that?
as a bear I find myself wandering how the market can have apparently got the current valuation of this company so spectacularly wrong, it almost defies belief.
Are there really enough morons buying relatively small amounts of shares to puff up the valuation to this extent?
or have us bears got it wrong and although things look bad on the surface with a few outlined issues, the bigger picture re cashflow/banking pressure/pwc negativity etc is not nearly as bad as we expect it to be?
I am mildly out of the money on my short and just considering my exposure!
alex cliff
can the market really have this value so wrong?
there doesnt appear to be much institutional buying and is hard to believe that there are enough morons buying relatively small amounts of stock to puff up the value to this extent
or are the bears (inc me) overestimating the scale of the problems?
Chester
“Once others who are owed money by Quindell see what is going on they will panic and the CCJs will start to fly …”
A ‘waterfall effect’, you might say ;)
JaySee
Alex I have never been more confident to be short QPP; Price being kept up by absurd claims of a 700m bid from a company that could not afford any where near this amount and even if it could has far more sense than to do so. Cash position unclear, looking to sell assets, ‘profits’ from main ambulance chasing business in question .. the other technology businesses, there are other companies that do these far better already, and on top of that former chief off-loaded at 50p .. with the volatility possibily some short pain, but im confident will revisit 50p at least in not too distant future. Key is all about not over-exposing though.
AK47
Boy oh boy, the bills will add up soon. How are they going to pay PWC?
zeronegative
Tom,
Looks like your article today hit a raw nerve with the prize fuckwit, the QPPSAG dear leader – Steamy/Jimi Marshall – posted on the QPP iii board. How’s YOUR £15 prediction going fuckwit?? How much have QPPSAG members lost being long and strong? How many people have you had leave fake reviews at the pizza joint? Perhaps a Class action against QPPSAG for being long and Strong when share price was 200p, losing people 50%+. Perhaps a class action against Jimi Marshall for £15 by xmas 2014 prediction???
“As per usual Mr Winnifroth has no evidence of his made up CCJ and evidently has not posted a copy on his website so yet again, he has lied.
He lied about the Swinton deal when in fact Swinton upgraded the contract to a multi year deal from a one year deal.
Mr Winnifroths real name is Thomas Cochrane.
In 1814 his great grandfather was convicted of fraud on the London stock exchange and was expelled from the Royal Navy. Evidently Thomas Cochrane.(TW) is maybe following in the family footsteps as one big fraud.
I do feel sorry for his followers when he advised them to go short at 39p, maybe a class action coming?
Evidently, nobody should take any notice of Thomas Cochrane’s rantings.”
knigelk
A CCJ is dreadful and any credit rating can be downgraded towards junk status. Just one point of note, it is not unusual for companies to defer paying suppliers – for example, The Sunday Times report that Lidi are making suppliers wait four months for payment. With the PwC report kicked into the long grass for at least 3-4 weeks, the share price is going to drift down perhaps towards its recent lows…
keith
In Nov 2014 Quindell’s finance director and chartered accountant L Moorse was appointed a director at QSM (UK) Ltd…..didn’t manage to keep the plates spinning. Many LSE bb morons don’t understand ccj’s and how credit rating reports are prepared, probably why they are invested in QPP. The credit insurance companies will be monitoring very closely!
filthy lucre
Is this is the best you can do, i.e. spend £4 a shot on hundreds of subs, hoping you can find a CCJ
to smear the company with? If so, I remain more than happy to be long Quindell.
And what is all this with ‘Quenron’? I thought your criticism was that QPP is cash strapped. Enron wasn’t cash strapped was it? Are you maybe trying to cover too many bases with your smears?
BGW
Why does the properties field on that CCJ document show Tom Winnifrith as the author?
Tom Winnifrith
BGW
I cut & pasted it from another doc, that is why. Natch the BBMs will assume I just made it up. I suggest they do their own searches and will see it is kosher
T