Evidence That They Must Be Saved
There is a company in my area that in the last twenty six years has had unprecedented success.
During this time the company expanded into Europe gaining quite a vast financial advantage over its national competitors. The company managed to buy components for its factory that were of a much higher quality and far more consistent than its competitors. The company had a wealthy owner who expended substantial amounts of his own money while at the same time enticing backers to invest large sums of money in his company.
The owner of the company also had the foresight to recruit local journalists who were happy to print stories regarding the success of the company while at the same time deriding their competitors.
Unfortunately the company has now fallen on hard times and, after a brief change of ownership, it has sadly entered administration. The last owner seems to have borrowed money against assets of the company but then paid that money into the account of another one of his companies.
The company also seems to have been victimised by HMRC who appear to have taken an unhealthy interest in its historical tax affairs. Although the local journalists have attempted to deflect/deny the tax accusations against the company there has been a concerted attack from internet bloggers who have simply refused to let the matter lie and subsequently blackened the name of the company.
One of the governing bodies which overseas the industry that the company operates in is run by an ex-board member of the company. More than this there are more scurrilous internet rumours that he may well have been involved in some of the decisions that HMRC are investigating both at the company and one of its competitors.
HMRC are attempting to claim back taxes for the components which made the company so successful in the last ten years and which gave it an advantage over its national competitors. HMRC appear to claim up to £50M.
Unfortunately the company has been badly run for the last nine months whilst in new ownership but as administration loomed the company has been supported by the local journalists who have coined a slogan telling everyone that the company ‘is too big to fail’. Some of the company’s national competitors also claim that it is ‘too big to fail’. Not to be undone politicians are now also stating that the company ‘is too big to fail’.
The company together with one of its competitors make a product that is quite highly prized but for some unknown reason the competitor now wishes to distance itself from the company.
I believe that HMRC should leave this successful company alone and allow them back to there pre-eminent place amongst the national companies. The debt should be forgiven.
The politicians are correct that the company is ‘too big to fail’. To ensure that the company gets back to its elite place amongst the national companies I believe that there should be a national subsidy of £10 for every adult which will assist in this endeavour.
It is not the company’s fault that they have overspent not only their own money but everyone else’s, not paid tax, not paid National Insurance, and set up tax scams.
I don’t normally do sarcasm but I thought I’d give it a go.