Interesting article in FT slating the banks

The managing director of Mandor Engineering was complaining in the Financial Times a couple of days ago that the banks were being unhelpful and wouldn’t lend to his company unless via invoice discounting which would cost more.

He then went on to give a bit of background to his company which makes doors for commercial and industrial premises, turns over £2m per annum and last year performed so badly with falling sales and bad debts that it was forced into Administration.

It isn’t often that I feel sorry for the banks but having been publicly slated for the poor lending that got them into a financial mess they are now being slated for not lending to companies that have demonstrated that they are also poor risks

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