Uk Bank Cuts Funding To Local Printer Over A Complaint

[Anonymous]

Uk Bank Cuts Funding To Local Printer Over A Complaint

A Surrey-based printer has accused Barclays of withdrawing funding after it complained the lender had mis-sold it an interest rate swap. Barclays has been accused of cutting off the funding of a Surrey-based printing company after it complained to the bank about being mis-sold an interest rate swap.

Alderson Print Group claims Barclays withdrew a cash facility, stopping the business from paying staff salaries and making payments to its suppliers. It followed a complaint made against the lender just weeks after it signed up to the Financial Services Authority’s compensation scheme for swap mis-selling victims.

Ron Alderson, co-founder of the company, described Barclays actions as “outrageous” and said the firm was preparing a legal claim against the bank.

“The bank is acting completely inappropriately, not only interfering with our bid to strengthen and grow our company but to stop us trading,” said Mr Alderson.

But Barclays has hit back at Mr Alderson’s claims, saying the allegations are “nonsense”.
“Several weeks ago the company’s auditors stated that the company is insolvent and expressed concern about its ability to survive. The bank has not withdrawn any cash facilities and the allegation around the swaps and varying facility agreements is completely false,” said the bank in a statement.

Companies House accounts for the 12 months to the end of October 2011 show that Alderson Brothers Printers Limited made a net loss of £1.3m.

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August 30, 2012 at 6:59 AM