1962: Cash on Demand – Lawrence
The blood-letting has begun. We have reached “that point”. Today an investment company whose services were terminated by the Lloyds Group have begun to take legal action against Lloyds. This is all to do with getting their severance pay for early termination of services, as contractually agreed. Lloyds have missed part of the payment that was due in June and now the investment company has decided to take matters further and publicly.
Invista Real Estate Investment Management is taking Lloyds to court for a missed final payment of £545,600. Not small beer and the irony of this will not be lost on anyone that has run into difficulties with a Bank. It is reported that Lloyds did pay £2.6m to Invista in May, but this payment has simply not been met. I wonder if they apply bank charges and daily interest.
This is perhaps an indication of the juggling that many businesses are now doing (whatever their size) – in effect delaying payments for as long as possible. This can be fatal to small businesses. Cashflow is king in the world of finance and irrespective of profitability, without cashflow, there is no business. The Lloyds Group Q3 results show a decline in income and profit – reducing income by 15% and profit before tax down 30%.
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