40 page presentation, with no mention of NPAT or EBITDA for either Gray's or the Combined group. Joke. Caledonia in escrow for only 6 to 12 mths. Even bigger joke!! The reality is .... Deal Direct and the consumer focused business of Gray's are very poor businesses, have no barriers to entry and are hugely unprofitable. Gray's wholesale/insolvency operation is a good quality business, although very dependent upon key employee to customer relationships. Unfortunately a bunch of these key employees have left Gray's (thanks to the payout from Caledonia a few years ago) and now a few of them are popping up in competition with backing from the major US insolvency player, Tiger Capital Group. Caledonia should have extended those non-competes for a few more years!! Tough days ahead.
