change of bank advice
Discussion
We have been with our current bank for 135 years, but they have refused our Chairman's new mortgage as his salary is directly linked to the company's profitability.
The company has made very small losses (£30K from turnover of about £5m) for the past few years, but last year, we actually made money. Our account manager (who was useless) has been moved on and didn't submit the new accounts.
Naturally, the Chairman, quite rightly, as said that we will quite happily look at other banking arrangements for himself as well the company, and other two related companies. He has other bank accounts, but uses HSBC for day to day business. He also has an account with Adam & Company.
So, advice please PH collective.
Where do we go for our business account?
We use invoice discounting, generous overdraft, various currency accounts, t/o expected to be £6-8m for next financial year. We need good service as our last bank manager didn't give it, hence getting to this ridiculous position where our current bank stand to lose their oldest client in the Southern region.
Any thoughts?
The company has made very small losses (£30K from turnover of about £5m) for the past few years, but last year, we actually made money. Our account manager (who was useless) has been moved on and didn't submit the new accounts.
Naturally, the Chairman, quite rightly, as said that we will quite happily look at other banking arrangements for himself as well the company, and other two related companies. He has other bank accounts, but uses HSBC for day to day business. He also has an account with Adam & Company.
So, advice please PH collective.
Where do we go for our business account?
We use invoice discounting, generous overdraft, various currency accounts, t/o expected to be £6-8m for next financial year. We need good service as our last bank manager didn't give it, hence getting to this ridiculous position where our current bank stand to lose their oldest client in the Southern region.
Any thoughts?
not at all ... as he is the primary shareholder of the company, and his pension and salary is on the main part linked to the company, he does have other sources of income.
It is not as if he isn't worth a fair bit too, three properties in UK, three in Spain, substantial land worth in Ireland, under contract to be sold.
The current bank is just being petty, not helped by a rubbish account manager. Three times he bailed on coming to see us, whereas his predecessor came to see us every month and generally looked after us, and worked towards building a good relationship. Proof in the pudding is that the Chairman and him still keep in touch, 4 years on.
It is not as if he isn't worth a fair bit too, three properties in UK, three in Spain, substantial land worth in Ireland, under contract to be sold.
The current bank is just being petty, not helped by a rubbish account manager. Three times he bailed on coming to see us, whereas his predecessor came to see us every month and generally looked after us, and worked towards building a good relationship. Proof in the pudding is that the Chairman and him still keep in touch, 4 years on.
Edited by CR0X on Tuesday 25th November 16:21
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