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More than 300 jobs lost after collapse of Daresbury based Greensill finance empire

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MORE than 300 jobs have been lost after the collapse of the Daresbury-based finance company Greensill that has embroiled former Tory prime minister David Cameron.

Administrators for Greensill Capital have revealed 305 of 440 employees made redundant nationally were based at Daresbury Park near Warrington.
The company, founded by Chester-based Australian businessman Lex Greensill, operated four large buildings at the site.



Former Tory PM David Cameron has come under scrutiny because Greensill was granted special access to the heart of the Government through their relationship.
Lex Greensill worked as an unpaid adviser to Mr Cameron when he was PM and after leaving office Greensill employed Cameron to lobby on its behalf.
Weaver Vale Labour MP Mike Amesbury, who uncovered the latest details, said: “Sadly, more than 300 jobs have been lost in my constituency. This is in addition to 5,000 UK jobs put at risk at Liberty Steel financed by Greensill.”
He added: “Employees working in my constituency and beyond are casualties of an unsustainable business model – corporate casino banking – that is currently unregulated and that must be addressed.
“The case also raises many serious questions about Tory cronyism and what looks like an abuse of power even if no laws were broken.
“Labour is calling for an investigation because of the relationship between Chester-based founder Lex Greensill and former PM David Cameron.

Former Prime Minister David Cameron

“There’s no doubt Greensill was granted privileged access to the heart of Government through his links with Cameron, both when in number 10 and after leaving office.
“While acting as Greensill’s adviser, Cameron reportedly boasted he was set to make $60m (£44m) on his share options in the firm.”
A spokesperson for administrators Grant Thornton said: “Whilst the Joint Administrators are in continued discussion with interested parties in relation to the purchase of certain Greensill Capital assets, regrettably the Joint Administrators of Greensill Capital Management Company Limited have had to make c440 redundancies from the UK workforce, of which 305 were based at the company’s offices in Daresbury Park.
“Those individuals impacted were informed on 12 March and were paid in full up to that time.”
The statement added: “A smaller number of employees have been retained for the purposes of the administration. As this process remains ongoing, we are unable to comment further at this time.”
Meanwhile, the former prime minister is coming under increasing pressure over his lobbying for the failed finance firm, after it emerged that he pushed the company’s case with Downing Street and health secretary Matt Hancock.
Labour has demanded a ministerial statement to parliament on the extent of Mr Cameron’s efforts to exert influence within government on behalf of the company, as well as a National Audit Office inquiry into why Greensill was given access to a Treasury coronavirus support scheme offering government-backed loans of up to £50m.
The supply chain finance company was rejected for the Bank of England’s Covid Corporate Financing Facility (CCFF) despite Mr Cameron repeatedly sending private texts to chancellor Rishi Sunak pleading for the scheme to be amended so Greensill could qualify.

Mike Amesbury MP and the Greensill premises

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Experienced journalist for more than 35 years. Managing Director of magazine publishing group with six in-house titles and on-line daily newspaper for Warrington. Experienced writer, photographer, PR consultant and media expert having written for local, regional and national newspapers. Specialties: PR, media, social networking, photographer, networking, advertising, sales, media crisis management. Patron Tim Parry Johnathan Ball Foundation for Peace. Trustee Warrington Disability Partnership. Former Chairman of Warrington Town FC.

3 Comments

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  2. Just to be clear employees were not paid fully upto the 12th.

    We were made redundant with no notice (2hrs), so contractual and statutory notice was not paid by the company/administrator. Additionally any accrued holiday was unpaid by the company/administrator.

    We have been forced to claim the money owed, at a capped level from the government. I have lost over £5k in unpaid holiday and notice pay.

    So don’t believe the administrators.

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