We’re Shorting Dignity PLC Stock 5

Warning: This blog post is not investment advice and neither is the report which it links to. By accessing either, you confirm that you have read and agree to the Terms of Use.

Hello,

We’re rapidly bringing price transparency to the funeral industry

At Beyond*, we’re on a mission to make choosing a funeral director a more transparent process. To that end, and to date, we have signed up over 800 independent funeral directors to share their full, itemised, comparable prices online.

There are, however, two large obstacles to price transparency in this market, namely Dignity PLC and Coop Funeralcare. They represent 34% of the market and are desperate to avoid price transparency, despite occasional claims otherwise.

UK Funeral Market Affiliation Dignity PLC
UK Funeral Market Affiliation

Dignity’s business model is unsustainable

Why such shyness with prices? It’s because they are significantly more expensive than the rest of the market – Dignity by 83% compared to prices on our site. If they were to put transparent, easily comparable prices online, consumers might realise this price differential and take their business elsewhere.

Dignity are, in my view, the worst offenders – because not only do they hide their prices, they also hide their name. When they buy up independent funeral directors, they don’t rebrand them as Dignity. Instead they keep the old family name above the door, so that consumers don’t realise that the branch has become part of a corporate. They simply swap out the staff, put the prices up and no-one’s the wiser.

Here at Beyond, we believe that Dignity’s business practice and model are unsustainable. We think it has been propping up its share price with unearned price increases and self-defeating acquisitions for years. That it is a house built on sand, with a tsunami on the horizon.

We’ve published a detailed analysis on their business

Now, I hear you say, it’s easy to make a few disparaging comments about a £1.3bn market cap company. Especially a company who could be seen as a competitor. So, to that end, I offer you two tokens of our conviction.

Firstly, today we publish a 13,000-word analysis of Dignity PLC entitled “The Reaper Calls For Dignity” written by my co-founder James Dunn. Within the report he examines Dignity’s business in detail, using both publicly available information and our market expertise to make a clear case that they are grossly overvalued.

And we’re shorting Dignity’s stock

Secondly, we are so confident of their failings that we have taken a short position on Dignity stock to the tune of £50,000. To clarify, we have placed Beyond’s money (and some of our own) on the belief that Dignity’s share price will fall. I’m not sure this is traditional business practice or expenditure for a start-up. Then again, I’m not sure there has been another such market where a large incumbent has escaped even the lightest of scrutiny.

We’ve been in the funeral industry for a couple of years now and one of the key things that has stood out to me is that, notwithstanding the many genuine people trying their hardest to serve the consumer, there is an entrenched fear of rocking the boat; of calling out the elephants in the room. Despite the constant public consternation at funeral price cost rises, there is little desire from the industry associations or the media to call out the big guys and their opaque practices, which drive up prices and bring the overall industry into disrepute.

Well, today Dignity PLC, here’s us calling you out.

Best

Ian

P.S. Dignity CEO Mike McCollum recently sold most of his shares – we wonder why?

 

*Previously Funeralbooker

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5 Comments

  1. Will read the detailed report with interest, thanks. I couldn’t agree more with the fear of ‘rocking the boat’. As a team of over 30 celebrants, we have been trying to challenge the outrageous prices for years but all this has meant is that FDs won’t use our team, a form of blacklisting going on for anyone who will speak out about it. I would be happy to share a several pieces of info with you.

  2. Brian Howard B M &C Howard Funeral Services. I will send you a copy of a letter that I wrote to the local press and MP Mr I Duncan Smith then minister of the DWP in 2013, there was quite a few letters sent during 2012 and 2013 concerning the Social Funeral Fund, Dignity, Co-op, and the NAFD. The problem with Dignity, Co-op funeral care, and other funeral groups are backed up by the NAFD which is just puppet and not fit for purpose.

  3. Dignity stock fallen from £22 at time of article to under £10 today.

    classic case of a business that has enjoyed high margins but is vulnerable as the higher priced service offered does not add value to the customer.

  4. Only just discovered this website. What an excellent and accurate piece of research. Well done. Whether or not it was your intention, you’ve benifited society as a whole. Thank you.

  5. Amazing that Dignity’s share price has recovered a little after an initial 20% drop in the in the light of the Competition and Markets Authority investigations into the funeral market – you’d have though the only way was down!

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What Happens to Your Body When You Die? 0

What happens to your body when you die

What happens to your body when you die? It might seem like the very definition of a morbid question. But there’s actually something fascinating – even beautiful – about the transformation the human body undergoes when life ends.

Plus, unlike the question of where your soul goes, we actually know a lot about what happens to the body after death. Here’s the lowdown.

 

What happens to the body immediately after death?

Right from the moment of your death, your body starts to change.

 

Your heart stops beating 

What happens to your body when you die - human heart

When the heart stops beating, blood stops moving around the body. This has a few immediate effects:

  • Pallor mortis: you turn pale as blood drains from the upper-facing side of your body. This may not be noticeable if you’re not light-skinned, though.
  • Algor mortis: your body begins to cool down from its usual 37°C, at a rate of about 0.8°C an hour. Sometimes known as ‘Death Chill’ (which is also a great band name).

 

All your muscles relax

Tension falls out of your face, skin sags, and your jaw may fall open. Laugh lines smooth out (a plus). But sometimes, your bowels empty as well, since sphincters stop closing (a big minus).

 

Hospital staff tidy you up

Don’t worry though – you won’t stay messy for long. If you’ve died in hospital, the staff there will perform ‘last offices’ within the hour: cleaning you and arranging you neatly. If not, the funeral director will do this slightly later.

In some cases, a post mortem will take place after a death. That’s a medical examination to find out how someone has died. It’s typically for people who have died suddenly, rather than after a long (already diagnosed) illness.

 

Your body turns on itself

The human body is packed with enzymes that help us with things like digestion. While you’re alive, they’re harmless. But within minutes of your death, they leak out and turn their attention to breaking down cells in your body, starting with your liver and brain (the tasty parts). The process is called autolysis.

 

What happens to your body in the first few hours after death?

What happens to your body when you die can tell crimefighters a lot. Starting with…

 

Livor mortis makes you black and blue

With your heart no longer pumping, your blood obeys the laws of gravity. As it drains from the upward-facing side of your body, it pools on the underside, creating purplish bruise-like patches.

Did you know? The placement of livor mortis patches help coroners determine if someone’s body has been moved after their death.

 

Rigor mortis gives you a stiff upper lip (and everything else)

What happens to your body when you die - twitching

Your body begins to stiffen up and fixes in one position. This begins 2-6 hours after your death, and starts with your eyelids and neck. Rigor mortis starts to wear off within a day or two. If you can die in an amusing position, so much the better.

 

You may even sigh, groan and twitch

Yes, sometimes dead bodies flex a little as the muscles contract. And when you’re moved, air can escape your lungs, creating the occasional groan or sigh. Disconcerting for morgue staff on late-night shifts!

 

What do undertakers do to a body?

What happens to a body at the funeral home depends a lot on the wishes of the family. But here’s a rough guide.

 

Embalming becomes an option

At the family’s request, the funeral home staff may embalm your body. Embalming is a chemical preservation process that can drastically slow down decomposition. 

Unless your body is due to be sent abroad, embalming is not legally mandatory. People can still touch and spend time with your body without it. But it does keep you looking like you did when you were alive for longer (for better or worse). You can find out more about embalming here.

 

You get dolled up

What happens to your body when you die - shave

Whether you get embalmed or not, your body is washed and groomed. Nails will be trimmed, hair brushed and styled: that sort of thing. Make-up can be applied. If you’re usually clean-shaven, you will be given a shave. Family members can bring in a picture to show staff your usual ‘look’.

 

You’ll be chilling out

Usually there is a two or three week wait between a death and the funeral. So, bodies at the funeral home are kept very cold to slow down decomposition. 

 

You may receive visitors

If your family or friends would like to come and see your body before the funeral, you’ll be taken to a visiting room. This is often called the ‘chapel of rest’ or something similar. There, they can talk to you and even hold your hand.

 

What happens to the body in the first few days after you die?

If your body is embalmed or immediately refrigerated, it may take more time before the following processes kick in.

 

Bacteria have a gas

As cells break down and more enzymes leak out, your body becomes a feast for bacteria. These start in the gut (home to trillions of “friendly” bacteria) and work their way out. Gases released by the process cause your body to bloat up, sometimes to twice the size. 

Fluids, meanwhile, are pushed out: one of the reasons funeral directors pack the mouths, noses, ears and other orifices of the dead with cotton pads.

What happens to your body when you die - going green

 

You go green – and black

Blood cells leak, and bacteria turn the haemoglobin there into sulfhaemoglobin. This gives your skin a greenish hue, darkening and marbling into black in places.

 

Your skin can go walkabout

Within 2-3 days, something called “skin slippage” occurs. This is exactly what it sounds like. The build of fluids and gases in the body causes the outermost layer of skin to loosen and, in places, slip off. The skin underneath can be very slimy to the touch.

 

You smell less-than-pleasant – to humans…

Other by-products of the bacteria party in your body are cadaverine and putrescine. These aptly-named substances give bodies their distinctive odour. This in turn attracts visitors: tiny blowflies that come to join in the fun.

 

What happens to the body after death in a coffin?

Most funerals take place two to three weeks after the death. What happens to the body after burial (we’re assuming you’re not cremated here) is again variable. In very cold and very hot places, decomposition is slowed. Sometimes, mummification happens. But here’s a general overview.

 

Bloating intensifies 

Like someone in a yoghurt advert, your body continues to bloat. Unlike someone in a yoghurt advert, it liquefies inside, and more fluid and gas will be released. It may eventually split open due to the pressure. 

 

What happens to your body when you die attracts flies

Insects get busy

Remember the blowflies from earlier? They laid eggs, and those eggs will hatch into maggots. In certain ‘perfect’ conditions, there can be so many maggots that it increases the inside temperature of the body by 10°C. These attract other hungry insects, like beetles, and spiders.

All this might sound kind of horrible. But your body helps create new life. Maggots and worms are eaten by beetles, and both are eaten by birds. Nutrients enter the soil and enrich it. It’s nothing to be frightened of.

 

Your hair and nails fall out

About a month after you die, your hair and nails fall out as the skin beneath decays. They don’t disappear, though: after the skeleton, hair in particular is one of the last things to go.

 

You dry out

Once your soft inner tissues have decomposed, your body becomes dry and brittle. You’re left with bones, hair, cartilage and the sticky residue of decay. Larger beetles move in. Skin sags, and you look “caved in”.

 

What happens to your body when you die - dancing skeletons

Skeletonisation occurs

Basically, you’re just bones. The skeleton decays at a much, much slower rate than the rest of your body. 

At around 10°C, it takes roughly four months for the skeleton to be fully exposed. But it takes years for the skeleton to crumble – although this is helped along by acids in the soil, funghi and bacteria. To the joy of archaeologists everywhere, they can survive centuries.

 


 

That’s it! Everything you might want to know about what happens to a body in a casket over time, or what happens in the first few minutes.

Feeling queasy? If you have strong feelings about what should happen to your body when the time finally comes, don’t forget to make plans ahead of time. Discover our flexible funeral plans here.

And for more information on death and funeral topics, don’t forget to check out the rest of our blog!

Comparing Attitudes to Wills 0

What happens after we die?

It’s a spiritual question for some. For others, it’s about what happens to our money, belongings and reputation – the mark we leave on the world.

The UK's Attitude to Wills

Ready to make your will? Step this way

At Beyond, it costs just £90 to make a will from the comfort of your own sofa. 

Every will is checked by our in-house experts, who are on hand to answer your questions every step of the way. 

So, why wait? Click here to make your will today.