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On 9 April 2021, local retail chain Naiise which was already knee deep in debt with years of significant payments owed to various vendors finally went belly up, ceasing all operations and closing its remaining physical store. A week later its founder, Mr Dennis Tay, announced he would be filing for personal bankruptcy.
A remorseful and sincere businessman who fell on hard times, or a skilled writer whose actions don’t match his words?
We shall see.
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Questionable finances
A search on ACRA reveals Naiise has not filed annual tax returns since financial year 2016 - this despite staggering revenues reported (up to $10m per year according to Dennis Tay’s personal Linkedin page), and it being the beneficiary of various government grants (exact amounts unknown).
Company Revenue
2013: Naiise earned $30,000. (Source: https://www.straitstimes.com/lifestyle/home-design/who-says-singapore-designs-dont-sell)
2015: Naiise earned more than $1 million and spawned five brick-and-mortar outlets, including a 6,500 sq ft flagship store at Central mall in Clarke Quay. (Source: https://www.straitstimes.com/lifestyle/home-design/who-says-singapore-designs-dont-sell)
2017: Naiise earned $4-5m in revenue, with 70 per cent of the sales from brick-and-mortar stores, and overseas orders contributing about 5 to 10 per cent (Source: https://www.thepeakmagazine.com.sg/...-commerce-brands-reveal-theyre-still-growing/)
2018-2020: Naiise earned $10m in revenue. (Source: https://www.linkedin.com/in/dennis-tay-a2297740/)
Rental Costs
“The highest he would commit for rental will be around S$4 to S$5 per sq ft for a 4,000 sq ft space” (Source: https://www.thepeakmagazine.com.sg/...-commerce-brands-reveal-theyre-still-growing/)
Operating Costs
“Monthly operating cost that includes staff expenses and rental amounts to about S$200,000.” (Source: https://www.thepeakmagazine.com.sg/...-commerce-brands-reveal-theyre-still-growing/)
UK entity in balance sheet insolvency since inception
Amounts due to creditors were £201,397 in 2017, and £244,920 in 2018.
Ex-employee account of bad finances
A lot more at https://tinyurI.com/45cxawdh
A remorseful and sincere businessman who fell on hard times, or a skilled writer whose actions don’t match his words?
We shall see.
====================================================
Questionable finances
A search on ACRA reveals Naiise has not filed annual tax returns since financial year 2016 - this despite staggering revenues reported (up to $10m per year according to Dennis Tay’s personal Linkedin page), and it being the beneficiary of various government grants (exact amounts unknown).
Company Revenue
2013: Naiise earned $30,000. (Source: https://www.straitstimes.com/lifestyle/home-design/who-says-singapore-designs-dont-sell)
2015: Naiise earned more than $1 million and spawned five brick-and-mortar outlets, including a 6,500 sq ft flagship store at Central mall in Clarke Quay. (Source: https://www.straitstimes.com/lifestyle/home-design/who-says-singapore-designs-dont-sell)
2017: Naiise earned $4-5m in revenue, with 70 per cent of the sales from brick-and-mortar stores, and overseas orders contributing about 5 to 10 per cent (Source: https://www.thepeakmagazine.com.sg/...-commerce-brands-reveal-theyre-still-growing/)
2018-2020: Naiise earned $10m in revenue. (Source: https://www.linkedin.com/in/dennis-tay-a2297740/)
Rental Costs
“The highest he would commit for rental will be around S$4 to S$5 per sq ft for a 4,000 sq ft space” (Source: https://www.thepeakmagazine.com.sg/...-commerce-brands-reveal-theyre-still-growing/)
Operating Costs
“Monthly operating cost that includes staff expenses and rental amounts to about S$200,000.” (Source: https://www.thepeakmagazine.com.sg/...-commerce-brands-reveal-theyre-still-growing/)
UK entity in balance sheet insolvency since inception
Amounts due to creditors were £201,397 in 2017, and £244,920 in 2018.
Ex-employee account of bad finances
A lot more at https://tinyurI.com/45cxawdh
