Business collapse sees 45 jobs lost
Wednesday 5th August 2009, 11:22AM BST.
More than 45 jobs have been lost with the collapse of a Telford business.
And one manager today claimed a mistake by banking giant Barclays had contributed to its downfall.
Jon Matthews, distribution manager at packaging manufacturer Severn Valley Packaging, Halesfield, also hit out at the bank for allegedly failing to adequately tide the business over a cashflow crisis.
Mr Matthews said: “You hear on the news Barclays has announced £3 billion profits and huge bonuses for the top executives.
“One bonus of £250,000 would have got the company up and running, let alone save all of our jobs.”
He said the 25-year-old firm was forced to cease trading this week and claimed an alleged banking error in June had sparked the downfall.
He claimed a direct debit payment of about £40,000 from Severn Valley Packaging to French suppliers of polymer raw material “went missing”.
Mr Matthews claimed the money was “found” by the bank 16 days later, but too late to stop the supplier from cancelling its shipment because of non-payment. He said: “As a result we were unable to fulfil orders and that had a knock-on effect.”
Barclays is understood to have written to company owners David and Barbara Webb outlining the position.
A Barclays spokesman said today: “We work closely with business owners and management teams to try to find financial solutions that satisfying both parties.”
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
