This comes as no surprise to me and although I haven’t written anything about my least favourite factoring company for over a year the signs were all there for anyone keeping their ear to the ground to see.
In addition to their large exposure to SW Metalcraft that went bust in quite a big way there were rumours of another significant loss in their portfolio with the two losses totalling in the region of £700,000 which is a sizeable sum for a small company with an issued capital of only £1,000.
Their back to back financing facility with the respected ABN Amro was cancelled a few months ago leaving their financing down to an Isle of Man Bank that I’d never heard of and following my comments that their management was inexperienced they claimed to have appointed the high profile Geoff Longhurst to the board in a desperate bid to buy respectability in January 2019 although a search at Companies House showed no trace of his appointment.
It’s always sad (but rare) when a factoring company goes bust although I must admit to a small smile at Perry Burns’s discomfort, especially as he is likely to lose far more of his own money than he shafted me out of.
Working Capital Partners Ltd changed it’s name to WCP Finance Ltd on 11th April 2019 allegedly to illustrate the more rounded offerings of the company but five days later Perry Burns craftily changed the name of one of his dormant companies to Working Capital Partners presumably to try and carry on regardless hoping that people wouldn’t spot what had happened
There are actually rumours that the so called experienced management are looking for funding to mount a rescue package but why would any bank or finance company offer financial facilities to a management who have already proved themselves inept at risk management
Needles to say if any of Working Capital Partners’ hapless clients need a quick introduction to a spot factoring company that is well run, treats clients properly and is unlikely to go bust and leave them in the brown stuff please do not hesitate to contact me at Factoring Solutions on 01827 707680
For those new readers who don’t know about this sorry saga my previous blog posts are:-