The deal had been done I had sold the trading company and I was left alone with my holding company. Suddenly all of the influence and the people I had worked with had gone. The most immediate problem was that I had to pay the bills created during the sale of the company. There was no money in the bank. However, before I could do anything about that I needed a phone. I drove into Birmingham and signed up for the first time I had a non-corporate phone. I also went to see the insurance brokers who now made it clear that I was a person of no importance.
The holding company had properties to sell but no other assets. I needed to get the chequebooks which were still held at our offices in Walsall. I called the FD several times asking for them and the remainder of the paperwork. The next thing I knew atruck appears outside our house filled with files. I off-loaded them into the hall and it half-filled it. The truck then went away and reappeared full of files again. I couldn’t cope with two truckloads of files there was no room in the house. I took the files I obviously needed but all I could do was to have an enormous bonfire with the rest.
The deal had a provision that monies owed either way between the holding company and subsidiary would be paid. Interpretations of what money was owed were completely at odds and although I was convinced that large sums were due to the holding company none was actually paid.
Fortunately, I had been trying to sell a house that had been used for training for some time and completion happened to liberate some cash and allow me to pay the bills.
I had assumed that SEC who bought the company would continue to occupy most of the premises. The reality was that they quit most of the premises almost immediately and that left me with selling a diverse portfolio across the UK. This was 2008 and the worst recession the century was in full swing. However, as time went on we did sell the properties and I was able to reinvest some of the money in more suitable properties.
My company was no longer a large company and that meant that RBS, who were our bankers passed me down floor by floor through their office block starting at the top and finishing on the ground. When I met my “manager” in Waitrose and he tried to ignore me which told me everything. Getting photographed before I could go into their offices was not good – but I took their photos in revenge. (I can be a bit stroppy). The final straw was when they told me they were doing me a favour by issuing me with a debit card. So I quit and went to Barclays. I guess their problem was that I have never borrowed anything from any bank ever – and won’t.