Could have been the Bernard Matthews lot ??? They would have possibly been a big customer ?? Often one company going down will take others with it. Pure speculation of course.Does it not say which customer anywhere?
Could have been the Bernard Matthews lot ??? They would have possibly been a big customer ?? Often one company going down will take others with it. Pure speculation of course.Does it not say which customer anywhere?
Good to see tesco getting horsed for a changeOpenfield if they were not insured hit hard. Gleadell & Nidera but no Frontier or Fengrain.
But Wellgrain at 28K that's not the reason then ?
What were Tesco up to then in for 1.1 million.
Rbs arnt 10 mil down, most of it was secured so they will get the majority back. Remember these are creditors, there will be debtors too - ie mills which have bought wheat but not yet paid. Payment terms can be up to 90 days so nothing unusual about having a large amount outstanding on both sides. They've not 'lost' 15m...15 million = 3750 loads of grain at £140 ton.
How the *** can you lose that much on an 80 million turn over ?
How can RBS be out of pocket 10.5 million
On invoice financing ?
So what happens to the people who made these decisions? The top of wellgrain must have known how things were but kept taking wheat? I can't help thinking somebody has done better than the farmers out of this. (I don't mean the liquidators). Do they get off the hook? ( With a nice Ferrari?) Allegedly.
The Debt is with RBS invoice finance.
So they will pay WellGrain on raising of invoice say 80%.
So they will have payed out to WellGrain 80% while still awaiting payments from Wellgrains customers 100%.
Some of which are in dispute.
For sure folk are in no hurry paying Receivers.
In Norfolk a Potato business called Preva went bust last Christmas ...
http://www.dissmercury.co.uk/news/t...va_produce_goes_into_administration_1_4835347