Page 169 - Articles Written by JGJ EF DPS

At the time of the administration order Wrekin Construction, claimed that
it still had £1.5m of its RBS overdraft to call on, but that had been frozen
by winding up petitions, and the RBS, the sole secured creditor, was

unwilling to lend any more to assuage Wrekin’s creditors. Moreover, the
firm claimed it had signed two contracts worth a total of £50 million on
the day it had been taken into administration.

On the back of this there was a huge amount of anger directed at RBS
for taking what appeared to be a successful company into administration

and crushing a perfectly good business with the loss of 530 jobs.

In Parliament, Prime Minister, Gordon Brown was asked about the
closure of Wrekin Construction and the role of RBS but failed to
comment.

Comments

1 2

“I find it incomprehensible that “I manage a company which was
Wrekin Construction is being owed many thousands of pounds
allowed to cease trading with a by Wrekin construction we were

full order book valued at £50M promised payment each and
because of the absurdity of the every month for eight months and
Royal Bank of Scotland (RBS) were lied to on many occasions
decision not to extend £2M of by Wrekin management . We

credit that would not only secure only received the money upon
the jobs at Wrekin Construction serving a winding up order on
but also many more jobs in both wrekin. It is quite clear to me that

the supply chain and local this is not the fault of RBS but the
community. fault of the wrekin construction
If we equate the £2M request to management I don’t blame RBS

the fact that this represents for not lending these people
approximately 2.5 years of the anymore.”
former RBS Chairman’s pension, Comment by Bob — 13 Mar 2009 on

then this only serves to highlight 2:46 pm
the lunacy of the decision. http//downingstreeysays.com/briefings/
Comment by Leigh — 11 Mar 2009 on 6332#comments-10716 (5)
2:46 pm