There was a small media announcement in the press recently that Aldermore would be making redundancies in their Aldermore Invoice Finance division. This is the sort of occasion where anyone with a shred of decency would feel sympathy for our factoring colleagues who may lose their jobs through no fault of their own.
It seems that not all factoring companies have that shred of decency though as it has come to the attention of The Factoring Blog that one particular factoring company is trying to use this occasion to rubbish their competitor for their own ends.
We have been forwarded an email sent out by an individual at Metro Bank Invoice Finance that stated:-
“It’d be worth cascading this out to the sales teams as if they’re currently in competition for deals with Aldermore, it might help us win the business (that and the fact we’re better). Also if we have any clients working their notice who are looking to move to Aldermore, it might help us retain the client.”
Personally I find these tactics quite abhorrent and I’m appalled that any supposedly respectable factoring company would stoop that low. I also find it a great shame that the factoring company in question was Metro Bank SME Finance which was a company that I once held in high regard.
In the old days before Metro Bank got involved the sales team was run by John Wilde who was a man of high principles and I’m sure that he would never have allowed the sales team to use gutter tactics but alas he has gone and the company is now owned and run by bankers and I suppose that we shouldn’t expect old fashioned values from that much devalued of species – bankers.
What is ironic though is that a few unfortunate souls at Aldermore are going to lose their jobs through no fault of their own yet once Metro Bank got their feet under the table at SME Invoice Finance their senior sales team started to leave in droves of their own volition