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Launch of Glen Rosa at Ferguson Marine<br/><br/>Glen Rosa launch: What future for Ferguson Marine as hugely-delayed ferry leaves slipway?<br/><br/>It had taken shape at Ferguson Marine over more than eight years, but then, in a matter of seconds on Tuesday, was gone – leaving behind questions about the shipyard’s future (and recent turbulent past) as big as the huge slipway it had just vacated.<br/><br/>Glen Rosa’s belated launch could turn out to be the turning point for the embattled Port Glasgow yard. But we don’t know yet whether it’s towards the brighter future wellbeing economy Mairi McAllan talked up as the ship was sent on its way, or whether the yard’s hopes have effectively sailed away with the vessel.<br/><br/>Ms McAllan, surrounded by female apprentices as she spoke, pointed to them being the future of Scottish shipbuilding, which she said meant it was “in safe hands”.<br/><br/>The Cabinet secretary said later that her officials had just taken receipt of a bid for new investment from the yard to make it more competitive – which could be vital if Ferguson Marine is to secure a crucial contract to build seven smaller CalMac ferries similar to those it successfully completed in the not-so-distant past.<br/><br/>I also understand it will have to bid for the work rather than receive a direct award, to comply with international competition rules. However, Ms McAllan made no reference to Glen Rosa – and sister vessel Glen Sannox before it – being hugely behind schedule and multiple times over budget.<br/><br/>There was also nothing about the shock sacking of Ferguson Marine chief executive David Tydeman two weeks ago over “performance” issues, which senior industry officials told me was “unbelievable”. One said: “That guy is the best you have seen by a country mile.”<br/><br/>Glen Sannox left the yard for the last time last week for further sea trials, with the remaining work, including pipework for its liquefied natural gas fuel system, being completed at a dock in Greenock prior to its scheduled completion in May or June, with an update on this due next week.<br/><br/>If there are no further delays, the ferry is expected to start carrying passengers on the main Arran route to Brodick around August following CalMac’s own trials.<br/><br/>Glen Rosa is due to be finished in September next year. But as the crowd of hundreds – families of workers, locals and curious others – watched it slide away into the Clyde, more than just a landmark for drivers on the adjacent A8 has disappeared. The gap now spells “what next?”<br/><br/>Ferguson Marine’s interim chief executive John Petticrew, albeit a born and bred Inverclyde shipbuilder, and yard board member, is very much a caretaker manager, who has effectively been parachuted in for six months from Canada, where he now lives, to “put my best efforts into getting the vessels out of here as quickly as possible”.<br/><br/>Will he do things differently from his predecessor? “It’s a matter
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A couple say their romantic getaway was ruined after the holiday caravan was so dirty they had to clean it themselves - and the furniture broke when they used it. <br/><br/>Charmaine Bell, 30, and Natalie Berrisford, 37, splashed out £615 for what was supposed to be nice break.<br/><br/>But they say the holiday to Norfolk was ruined by the “dirt pit” caravan - which they say had wallpaper hanging off the walls, mold in the loo and a mucky fridge.<br/><br/>They say the sofas in the property were full of “hard lumps” and the bed slats were so broken they were left sleeping at an angle.<br/><br/>Despite complaining to the holiday company, 2C Holidays, they say they had to stay in the “filthy” caravan for nine nights. <br/><br/>Charmaine, from Royston, Herts., said: “It's really upset me and my partner, we’ve been together 13 years and thought we’d have a nice holiday with the dogs. <br/><br/>“From the second we got to the caravan and walked in it was dirty. <br/><br/>“There was wallpaper coming away from walls, mold in the corners of the room and under the lid of the toilet, the sides were dirty, and the fridge had sticky stuff in it, it was filthy. <br/><br/>“The sofas had really big hard lumps in bottom of them - every time we sat down, we were sat on an angle.” <br/><br/>The couple arrived in Hemsby for a romantic getaway on March 6 – but say as soon as they walked into the caravan at the holiday park they found it filthy.<br/><br/>They say they were looking forwards to spending quality time together with their dogs, with Nathalie travelling down from Scotland for the trip.<br/><br/>But they say when they complained to 2C Holidays about the conditions, they were told they could clean it themselves or spend another £300 to be upgraded to a new caravan. <br/><br/>Charmaine said she decided to clean herself – and says the company offered her £50 for her efforts. <br/><br/>The couple say at the end of their stay they were offered £75 compensation – but claim after the £50 for cleaning, this leaves just £25 for their inconvenience.<br/><br/>“We couldn't pay out for a new caravan, there was literally nowhere else we could go, so it was very upsetting,” said Charmaine.<br/><br/>“Nathalie had a serious back surgery a couple of years ago and she nearly went through the bed. <br/><br/>“She came down from Scotland and this happened, it was just so upsetting, we were literally trapped there.” <br/><br/>A spokesperson for 2C Holidays said: \
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Staying small is working out big time for Shore Capital. Their average internal rate of return on its 14 exits, all in health care, is 53%, net of fees. That’s nearly triple the average net IRR of U.S. buyout funds raised since 2009, according to data from Cambridge Associates. After Shore took its 20% to 30% cut of profits, its exits multiplied investors’ money by 5.5 times on average, also nearly triple the average total value to paid-in capital multiple of U.S. buyout funds raised during that period. Shore has never unloaded a company for less than three times cost before fees, nor, it says, has it ever suffered a loss. “Those are top 1% returns in private equity,” marvels one investor who asked not to be identified, citing his organization’s press policy. “That’s rarefied air, right? That’s more like venture capital than a traditional buyout firm.”<br/><br/>Ishbia and his team have acquired more than 1,000 mom-and-pop shops across the country (average cost: $15 million) since Shore’s 2009 founding and rolled them up into 61 larger chains of things inclu­ding autism treatment clinics, bakeries and exterminators. “We’re buying businesses in Akron, Ohio, and Pittsburgh, and Birmingham, Alabama,” Ishbia says. “There’s more low-hanging fruit for me. It’s Joe Schmo on Main Street.”<br/><br/>Shore then invests in computer systems and equipment, stacks the businesses’ boards with industry veterans and hunts for complementary companies in adjacent markets. “We’re just buying and buying and buying,” says Ishbia, who insists Shore doesn’t take on as much debt as other private equity firms and doesn’t cut servi­ces or head count. “The private equity world gets a bad rap for ‘buy this, slash that.’ We are growth—we have almost 35,000 employees and hire thousands per year.”<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/mattdurot/2024/04/08/this-main-street-billionaire-bought-over-a-thousand-small-businesses-and-never-lost-a-dime-justin-ishbia/?sh=3140aa9e39ee<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
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A FORMER race car driver has built a one-of-a-kind vehicle never before seen on the roads - a 1952 Ford pick-up truck that drives BACKWARDS. Davey Hamilton, from Indianapolis, was struggling to find the truck of his dreams. But having been inspired by his friend in Maine, another former driver who owned a truck, Davey decided to take things one step further. But to build his backwards truck, Davey had to first find a truck with a big back window that could act as a windscreen. Davey told R.Rides: “A lot of the older trucks have really small back windows; they don’t have the wide ones. I couldn’t find a truck with a big back window. I happened to find this truck three miles from my father’s house and knew I had to get it.” The truck had its original body, frames and pedals. “We had put the lights on obviously, going the wrong direction. I didn't know what to do for bed cover. So, we figured to keep the rustic look.” Davey had to do a lot of work for the truck to work just right. “We had to cut a hole between the bed of the truck and the cab of the truck for your feet to go in. And so that had to be sealed up so there's no water getting inside the truck.” With the seats in and doors on, the truck still had a little to go before making its road debut. The windshield wipers got installed to make it safe, so the truck had everything that’s required to get going. “It looks like it's supposed to go forward. And so, it took some time and to get everything levelled out and make sure that was mounted properly.” And Davey loves his creation for lots of reasons. “Number one, it’s an attention getter. Number two, it's definitely a fan favourite, number three, it was a lot of work. There's new people that see it every time we take it out and it's definitely a crowd getter.”
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