Swithenbanks ripped off?

[Scuba]

I see swithenbanks appear to be in trouble and have posted a telling message on their home page. Shame as they did keep the others on their toes.

 

[sean_ork]

I wonder if their bank called in their OD, they appear to be 250k in the red.

 

[Worcester]

The OD was probably used to support cash flow for stock. If they didn't manage to clear stock over the last three months, expect it to go on an auction site (won't be fleabay). Doesn't look like they factored their invoicing , if they had, then they could be a long way up the creek. Looks like has one Director, who doesn't own any other companies, so hopefully for him the stock and invoices will cover his liabilities. Maybe it isn't an OD , maybe it's what he owed his suppliers, if so that amount considering what most of them will have earned out of the U.K. shouldnt be too much of a problem for them..

 

[sean_ork]

There's certainly a tone of intense bitterness in the brief note.