Panorama shines a light on GRG
This week’s Panorama programme – Did the banks wreck my business – has finally shone a much needed spotlight on business support units (BSU) and, specifically RBS’s Global Restructuring Group (GRG). Senior partner Simon Cottrell hopes this gives business the confidence they need to stand up against these crippling tactics:
“‘Dark suited mafia’ that’s how MP Austin Mitchell on BBC Panorama’s programme described banks, a description which may, at first hearing, sound somewhat dramatic. However dig a little deeper into the world of GRG and BSU and you quickly see the likeness.
“We have been well aware of the brutal tactics deployed by banks to deliberately distress businesses as highlighted in the Tomlinson report. However what the programme very clearly highlights is the devastating effects this heartless behaviour has had on business owners. Blood, sweat and tears have been poured into each and every business, bedtime stories replaced with late night paperwork, family breakfasts missed for breakfast meetings. This is people’s lives and they have been destroyed.
“And now banks have the audacity to cover up these brutal actions and claim they adhered to good practice.
“In highlighting this I hope Panorama have encouraged businesses to fight back.
“I understand people’s trust in professional bodies has been obliterated and so many businesses are reluctant to place their faith in anyone else. However what Panorama demonstrated is how businesses can use the law to force banks to hand over documentation. We can then start to build a case against the bank and look to secure justice for businesses, their owners and their families.”