Successful day of company administration, securing loan finance, valuing Grove House and agreeing Memorandum of intent for the sale of Comart to Kode as David Fear resigns and Labour make major council gains in local elections
My morning tea awakens me from a deep sleep and the radio informs me of widespread gains to Labour of Tory councils around the country in yesterday’s district council elections (I voted Labour in the absence of a Liberal/SDP Alliance candidate on my way to work). Also of much reduced Tory majorities in their two by-election seats with the Alliance coming a strong second. In Liverpool, Labours controlling majority was strengthened which will lead to a more confident resistance of central government control. To a breakfast of boiled egg and toast fingers before I set off to the factory to start the day on time. A morning of company administration and discussions concerning finance and securities. Derek Weatherby had a successful meeting with Interstate Finance Corp and we appear to have the promise of a further £325K of unsecured loans over 3 and 5 years at interbank rates + 1 3/4 % secured only against the new capital equipment for production.
I write up the statutory books in respect of The Byte Shop Ltd and The Byte Shop (Glasgow) Limited and transfer the 25% of the latter back to the company from Gordon Coventry. Also this morning I telephone through to Peter Smith’s Secretary my proposed changes to the Memorandum of Intent and later he phones to discuss these with me and agree a compromise. We now await a meeting on Tuesday to sign the deal in outline. This afternoon David Fear handed in his resignation as Sales Director because of personal problems and would wish to consider any job we could offer him in London. His wife is leaving him and he may have to look after his family home and grown up daughters. We get the surveyors outline advice on Grove House today, and I also talk to our property solicitor and it looks like a value of £180-200K and annual rentable value of £16-18K/year.