One firm’s RBS battle

BBC Radio 5 Live, 24.04.17

 

John Glover is the boss of Bywaters Recycling, one of London’s biggest recycling firms. After switching to Royal Bank of Scotland in 2011, the company was put into its controversial Global Restructuring Group the following year after applying for a bigger overdraft. That move triggered fees which cost the firm £15,000 a week.

 

Mr Glover tells Wake Up To Money that Bywaters has had no redress from RBS and he wants a public apology from RBS chief executive Ross McEwan.

 

RBS said: “We extended considerable forbearance and extensive support to [Bywaters] over a number of years, despite breaches to their loan agreements, continued underperformance against management plans and the sale of assets without either informing the bank or using the proceeds to repay their loans.”

 

In early 2014 the Financial Conduct Authority commissioned a report into the way RBS has treated businesses, but that report could still be a year away.