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Applecross boss attacks bank tactics

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Published Date: 30 June 2009
THE former chairman of collapsed housebuilder Applecross has launched a scathing attack on the Bank of Scotland for putting his firm into receivership three days before payday.
Graham Aggett said the bank's move resulted in staff losing a full month's wages.

The Edinburgh-based firm collapsed in May, with 40 staff losing their jobs and only a few employees being kept on to assist in selling off the remaining assets.

Mr Aggett, who launched the company with Colin Cumberland in 1979, said: "I don't believe my staff will see a penny of the wages which are owed to them.

"I was very upset that they chose to time receivership the way they did."

He added that he believed banks used the move as a tactic to cost-cut.

The business, which traded for 30 years, was expanding rapidly in 2006 when the property downturn kicked in and hit the company hard.







The full article contains 156 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 30 June 2009 9:48 AM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
 
1

Mallory,

Edinburgh 30/06/2009 12:03:16
Oh right - who would have had to pick up the tab then if HBOS bailed out 3 days later?
2

The Parky,

Edinburgh 30/06/2009 12:31:39
No doubt Mr Aggett managed to drown his sorrows last week at the Scottish Home Awards when he picked up the award for Waterside Development of the Year.

Here's a thought, why didn't he put the money it cost to attend the lunch towards the missing staff wages.
3

Hombre,

Tertiary Office, Espana 01/07/2009 11:20:05
Applecross was a fantastically successful company as everyone knows. They expanded though at the wrong time, assuming that the boom/bust cylce no longer existed they took on too much debt and then the market failed and the bank took the only action it could. That's it: end of story. I'm sure Mr Aggett will not starve - unlike a lot of other good people.


 

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