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Applecross boss attacks bank tactics
THE former chairman of collapsed housebuilder Applecross has launched a scathing attack on the Bank of Scotland for putting his firm into receivership three days before payday.
Graham Aggett said the bank's move resulted in staff losing a full month's wages.
The Edinburgh-based firm collapsed in May, with 40 staff losing their jobs and only a few employees being kept on to assist in selling off the remaining assets.
Mr Aggett, who launched the company with Colin Cumberland in 1979, said: "I don't believe my staff will see a penny of the wages which are owed to them.
"I was very upset that they chose to time receivership the way they did."
He added that he believed banks used the move as a tactic to cost-cut.
The business, which traded for 30 years, was expanding rapidly in 2006 when the property downturn kicked in and hit the company hard.
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Saturday 26 May 2012
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