Despite, eh?

Kuljinder Bahia, the entrepreneur behind one of Britain’s biggest private-owned travel agents, paid himself a £3m dividend despite a sharp fall in profits.
Onkar International, the parent company of Southall Travel, warned of the “unprecedented challenge” facing the industry from Covid in accounts filed last week. Pre-tax profit fell by two thirds to £7.9m on almost £600m of revenue in the year to March 2020.

The ghastly little piker manages to make a profit in the harshest times for a travel business ever and then has the effrontery to pay himself some of his own profits.

Despite, eh?

7 thoughts on “Despite, eh?”

  1. Onkar International had £32m cash at bank and in hand and shareholder funds for the group (the amount they could theoretically distribute) of £104m.

    And of course, the accounts were to March 2020, so before the full impact of the lockdown etc.

    Any mention in the article of the c£2m corporation tax they paid? Or the 38 employees?

  2. He only paid himself half the profits, leaving more than a year’s operating expenses in revenue reserves to cope with the bad year in 2020/1.
    Journalist has to work hard to dress up prudent action as greed

  3. Perhaps I’m missing something, but when I read about someone “paying himself” I wonder how that works. Does he take money out of his left pocket and put it in his right one? Transfer money from his checking account to this saving account?

    If he owns the business it’s all his money. If he doesn’t, then someone else (such as a Board of Directors) has to approve of this don’t they?

  4. The headline to the story reads: Travel tycoon handed £3m dividend despite slump in profits.

    ‘Handed’. By some mystical source presumably. A stupid story, badly written by a jealous little cunt.

    The Terriblegraph might have right wing columnists, but you could swap the editorial staff with the Guardian and not know the difference.

  5. Could be that he’s getting the money out while he still can, before leaving it to go bust and stiffing the creditors. If that happens, there’ll be cause for complaint; but otherwise this sounds fairly routine.

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