Tracy Standish ran a family business, Bowlplex, that his father had started in Poole.
The business, which was healthy until the recession hit, banked with RBS.
The firm had 18 outlets when the global downturn began, but the recession was “dramatic in its impact”, he said.
“It just stopped foot flow in the most dramatic way, and we saw sales slide by 10%. Before we knew it [it] was 15%, and then it went to 20%, and we were powerless to do anything about it.”
The ratio of profit to debt fell below a certain level, and the firm found itself in “breach of covenant” with the bank – which basically means it could not meet the conditions of its agreement with the bank.
This …
Read the full article at: http://www.bbc.com/news/business-41052435