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Headline

Clydes took £23m loan to fund post-merger office move

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Our friend does indeed make some interesting points, and it seems to me the central one is decadence. Decline is always prefaced by decadence. Cultural decay, structural weakness and reliance on finance are the usual warning signs. And, by any standards, £46m of bank debt and £125m of creditors in all on turnover of £285m is 'reliance on finance'. At some stage though, the music will stop and this cheap debt will have to be repaid. Given their near 100% focus on the insurance sector and, therefore, a declining profit margin, this won't be easy.

Posted date

22-Jan-2013

Posted time

10:57 am

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