Focus DIY boss demands Mandelson investigation
Bill Grimsey chief executive of Focus DIY nd 20 of its suppliers have demanded Business Secretary Lord Mandelson investigate credit insurers after they withdrew cover from the store group, the FT says.
"They are fair-weather friends who don't go into enough detail, make unilateral decisions with short notice, and jeopardise the futures of businesses. [It is] totally unacceptable," said Mr Grimsey.
Atradius told the FT: "We have been in dialogue with Focus DIY for some time. Ultimately, our duty is to effectively manage the risks of our customers and we only withdraw cover as an absolute last resort."
Xavier Denecker, managing director at Coface, told the FT withdrawal of credit insurance from companies it no longer deemed creditworthy was part of the service it provided. Euler Hermes was unavailable for comment.
