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Friday 30 November 2012

Fighting back

Thank you for all kind messages of support since publishing my blog yesterday. I am grateful that so many clients and suppliers alike want this great Australian company to pull through this situation despite some hardship they are currently experiencing.

Our goal is to have the receivers, Deloitte, complete their task as fast as possible for HSBC so my team and I can then take back over and try to salvage the business and take it from there. We respect that Deloitte are still running a sales process in the background for which they have received expressions of interest already.

We know getting the company back on track after this receivership is going to be a HUGE challenge as some clients have been forced to take their business elsewhere to keep their cargo flowing. We respect this and do not blame them in the slightest for taking this action and regret the inconvenience and extra costs caused to them. While Deloitte are "trading" the business while they are trying to sell it, they are currently instructing our team not to take on new work. This is going to leave a void for us once they are gone making the recovery more challenging. Our team and I are up for it though and judging by the sentiment of most clients we hope they will come back.

If you are a client that ALREADY has delivery of your cargo but have outstanding final invoices relating to this then we would be very grateful if you could immediately make payment to us. The faster the funds come in and HSBC and Deloitte get paid out the sooner the receivership will end and we can start the recovery and return to normal.

To ensure we can keep trading and recover post the receivership we are hoping that we can pull the following things off.

1. We need a new bank! If any bankers are reading this blog and are interested in helping this company with a recovery, then please contact me urgently. In a future blog I will let you know what bank or banks were willing to support us.

2. If you are a creditor and Skelton Sherborne currently owes you money, then we are willing to consider a "debt for equity" swap. Again I am sorry for any amounts we owe you and any hardship this is causing you and your business!

3. If you are one of our team members, overseas agents, a supplier or an investor that would like to see this company survive and are willing to invest in it then we would welcome that.

Peter Lucas of Kestrel Solutions will handle the "debt for equity swap" and new investment process. Kestrel Solutions assist companies like mine in these types of difficult situations and can be relied upon to take a highly professional approach. Peter can be reached by calling +61 (0) 7 32325250 or by email plucas@kestrelsolutions.com.au 

Again my team and I are grateful for your support and well wishes. We are determined to get through this and hope that with a bit of help from everyone we can get all of our business relationships properly back on track and, receivership period aside, continue our good profitable track record.

This great Aussie company deserves to survive and my team, my clients and my suppliers will suffer far less if it does.

All for now,

Brad Skelton

The Shipping Bloke


  1. Brad,

    Scott Jones posted your blog on the EO Brisbane Facebook page. It's pathetic what a "corporate" can do in a short period to a business built up by an entrepreneur over years of hard work.
    We're here to help in whatever way we can. I have two new businesses on the go that will require shipping (once we make some sales!), we'll be contacting you for that shipping in whatever form you exist, which hopefully is this company owned by you.
    If I can help in any other way don't hesitate to contact me.

  2. Hi Brad,

    I own a recruitment firm - we've been operating for 22 years - and your story with HSBC sounds exectly like ours. We joined them prioir to the GFC - and although we survived and were compliant - they changed credit criteria and moved on us. We found a great finnace co called 180Funding after lots of shopping around. They have been really good - in particular as we do perm and temp placements that alot of banks don't understand.

    Good luck in what your going through - it's a pity this country is founded on businesses like yours and mine - and I agree with Mark - wrong that a corporates (in particular from OS) can just destroy them!!!