Administrators were appointed to Fairfax Gerrard Holdings Ltd, Fairfax Gerrard International Ltd and Fairfax Gerrard Traders Ltd on 19th November.
This will undoubtedly affect all of their clients who may not be able to survive the sudden cessation of their trade finance facilities and may have difficulty in replacing them quickly due to the quirky nature of some of the finance company’s offerings.
Ian
Trade Finance UK
Ian,
Do you know who has been appointed as administrator.
James
Yes it’s Leslie Ross and David Matthews of
Grant Thornton UK LLP
Kennet House
80 Kings Road
Reading RG1 3BJ
Ian,
Thanks for that i don;t suppose you know who appointed them?
Regards,
James
Sorry James I don’t but there was also a winding up petition against the company that was due to be heard yesterday too.
I hope Mr. Ross is being treated in the manner he has treated others…
Modeoman – I could not agree more. You harvest what you sow. Lets hope he cannot wriggle out of this one!!!!
yes, it is true. We had a winding up petition fromo someone to whom we owed no money. Amazing how easy it is to destroy a business if you are vindictive and each of us knows one person who is vindictive and that is all it takes.
I suspect Blog 6 above is from that person!
However, only two clients were affected, thank goodness, and neither are damaged. FGH has not been the main trading company for a long time.
The vindictive person has done enormous damage to a lot of people, but mostly themselves.
Given that we have not lost a client to competiotor all this century, some of the comments above do not reflect our actual client loyalty.
David Ross
It takes a lunchtime to build up a reputation and only seconds to see it destroyed, by thoughtless comment.I for one can only have praise for DR for his sympathetic and thoughtful way he treated me and my company when times went from bad to worse. DONT KNOCK UNLESS YOU LOOK AT BOTH SIDES. I am pleased that DR and his team is able to offer a lifeline to so many young struggling companies. So less back stabbing and more encouragement for what must surely be a veritable miinefield for any lender out there now.
Forgive my ignorance on insolvency issues but if a creditor has no balance owing to them then he/she may struggle with any petition. What is a different issue is a disputed amount which is presumably what we have here
Mr Ross are you the (R) before the (D M) as in (R D M) Factors Ltd? Was your buddy (D M) your co founder of RDM Factors Ltd? is D H another of your old buddies? Struggling? OK Does SME mean anything to you, apart from small medium enterprises? If you are still lost, add Factors Ltd to the end. Yes, your old co founders mate! Anyway, did you know that DM has recently ventured into pastures new. He is now a new Director of Dunwoody Marketing Communications (probably liked the DM in the name) recently bought out of receivership for a jumble sale price from the Receivers. I have a suspicion that he will acquire a few companies to go with it. (watch out print business’s) The problem is Mr Ross you lot have run out of SME’s as you and your mates have put most of them into receivership. DM has sold up and moved on. I wonder if he got a little bit jumpy considering the amount of small business’s that he has put into receivership. There can’t be many more left! How many business’s and livelihoods have you managed to scupper? I’m afraid I have the same judgment as James – Nov. 28th ‘What comes around goes around’ Anyway Mr Ross, I bet that there will not be a call on any of your personal guarantees. So count yourself lucky mate, you will not be suffering the likes of any poor souls that have had the misfortune of ending up as clients with the likes of you lot. Sorry greenshotsofrecovery I guess you just got lucky or were you used in the marketing of FG? Sorry folks just one more, Grant Thornton Receiver for FG was lead by a another DM. He used to be a pal of the other DM (in RDM) and he was also on the recommendation list of turnarounds for RBS(bank)for a charge as big as a lotto win. This is soooo incestial.
Mel – I did ask you not to name names but it seems that you have done so against my wishes. Having done a little investigating of my own it would seem that you and your partner have a string of business failures behind you and RDM wasn’t the only factoring company to have appointed Administrators to your companies as the company before that had an invoice discounting facility with GE and despite the best endeavours of RDM to help collect the debts of that concern it was in such a mess that it also had to be put into Administration by your previous funder. There are a number of other businesses that your partner was a director of, many of which ended up in liquidation but I don’t have the time or inclination to research them all now
The Phoenix was factored by RDM and that also ended up a mess with contra accounts and incorrect invoices all over the knot end until that company ran aground too.
Although I haven’t seen DM for a few years I used to know him fairly well and knew him to be an ethical man. I haven’t met DH but speak to one of his board colleagues quite often and they are also a highly ethical company which is born out by their client retention rate being amongst the highest in the industry. I am more than willing to introduce my clients to them if appropriate happy in the knowledge that they will be well looked after
Ian, I cannot believe that you have been taken in and accepted the word of your ‘pals’. You should have researched this case in the correct way rather than calling them and asking them their view. (not exactly impartial or professional is it?) You clearly are not in tune with what goes on in the factoring world and I really thought initially that WOW someone is actually really truly trying to straighten out and regulate this industry. Which is totally immoral if not illegal by your own admission. This worries me that your own observations do not apply to your pals. I suggest that you look at the evidence (available on Company House website) find out how many clients that have been put into receivership by your very ‘ethical’ companies. Please research this area before you stand up and make stupid imprecise and slanderous statements. Your source of this imformation has come directly from your pals and cannot be accepted as bona fide or legitimate. It is a one sided and very biased view. You are actually in breach of the law and that of your own website conditions. You are not permitted to divulge my source. (So individuals please be aware if you want to blog on this website)
Ian, if you are going to run a blog of this nature you will have to be completely impartial. You are simply running blind and you do not have the correct facts. For your information the ‘ethical’ people/company, who were paid a small fortune to collect out our old book debts after GE called in the receivers, were incompetent and unable to do so without a great effort from ourselves they had our support throughout, although they certainly did not deserve this. They did not understand, nor did they want to understand, for instance, how to allocate a simple CIS account, which was very much our business. We spent days doing their job for them and I have all the emails to prove it. They could not allocate the simplest of accounts without contacting us. The fact is that they wanted to create bedlam and confuse our New Co. remittances with that of the Old Co. An excuse to withold monies that should have been made available to both the Receivers and us. A very serious amount of money was found to have been held back by this company, money that should have been paid over to the Receiver and was not. It was found that your ‘ethical’ factoring company were trying to blame us for the shortfall in collections when they were in receipt of the money and had been for some time. We were completely innocent. Come on Ian, get your facts straight, before you make these damning accusations and before you start dishing the dirt. You should not be accepting one sided information and making it public without actually knowing and understanding the facts. I do not, in my wildest dreams, believe that these people have any morals whatsoever. Before you get concerned about the statements I am making; I can back up everything I have put to you. So come on take me to court I would be more than happy to oblige you whoever you are! I would love the chance to expose you for what you are! One last question, if they are so ethical why are my solicitors still trying to get access to the information regarding the transactions to our accounts held by them and that have been denied to us for over 2 years? If they are such a fair and decent establihment what is the problem with them revealing this information? Afterall it is our legal right to have this. The truth is that this information would expose them, even more, for what they are, immoral and corrupt. It is not only the Banks Ian you have been fooled big time! One last bit of information, your pals Sales Director warned me (his words) “be very careful, most of them go down in the first couple of months” So so true, they tried that with us. Two months into our contract your pals accused us of ‘various’ things. They brought in their auditors and found nothing! so they hired other auditors who also found nothing! In the mean time they froze our account and we were unable to draw down any funds for the business. The independant Auditors gave us a completely clean and untarnished bill of health. It was Christmas and we had to borrow money from our children to pay the employees wages. Furthermore I have now discovered that your pals witheld monies prior to this audit and we did not have receipt of this money until over 2 months later. I have called customers and I have proof the actual date that their monies cleared their banks. This is just one example of how ethical not your pals are. You are so so wrong Ian.
——It is a one sided and very biased view. You are actually in breach of the law and that of your own website conditions. You are not permitted to divulge my source. (So individuals please be aware if you want to blog on this website)——
I did not divulge anything about you except that “someone” was posting in a very irate manner on my blog and it took them two seconds to work out who it must be based on what you had written.
Nothing that I have written will identify you to anyone, which is a greater indulgence than you gave to your factoring company
—— Ian, if you are going to run a blog of this nature you will have to be completely impartial.
You should not be accepting one sided information and making it public ——
If I shouldn’t be accepting “one sided information” are you suggesting that I should have deleted the posts from yourself on the basis that they were one sided.
—— So come on take me to court I would be more than happy to oblige you whoever you are! I would love the chance to expose you for what you are! ——
My understanding is that you have already had your day in court and lost
I’ve had more fun on this thread alone than from 10 years of Business Money. Wonderful stuff – saves me a ticket for the panto.
I am afraid that this particular thread is not supposed to be a stage for people to have a pop at Fairfax Gerrard and/or anyone else from behind a cloak of anonymity which I view as somewhat cowardly so I am now closing it to further comments.
Anyone who has something of value to add may contact me to have it re-opened again.