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Stop press 2e2

9768861-angry-businessman
A quick response to my blog from a someone i know well in the asset finance sector 

Just saw your blog-i saw a comapny this morning with 100% concentration with 2E2, fortunately for them the contract hasn’t yet started. I credit checked them and at 10am ish they had a rating of 3.1m and it was gone this afternoon!

So here i am saying credit check…

But of course it is down to who you credit check with and who carries out the check . 2e2 breached their banking covenants a few weeks back (just about time my client was paid) and how an agency cannot pick this up is beyond me. 

Unless they are one of the too many cheap nasty agencies who offer useless ratings

Even ignoring that, how can a business with a negative working capital of £43m with huge borrowings possibly justify that rating on a £400m turnover?

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Categories: Uncategorized
  1. May 25, 2013 at 3:00 am

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