The Bibby Blog - Bibby
Financial Services Limited


In the last ten years Bibby Financial Services Limited has deliberately destroyed thousands of good businesses -
don't become one of them!

Whatever you do please read the stories of former clients of Bibby Financial Services before you sign an enormous contract in some cafe or car park. After you have read them, please tell yourself:

'Beware of Bibby Financial Services'!

The Bibby Scam

   The Bibby Blog - published (without lawsuits) since 2011

The Bibby Pre-Planned Insolvency Scam operated by Bibby Financial Services Limited.


Bibby Financial Services Victims speak out


The exposure in the media and Parliament of the pre-planned insolvency fraud run for years by Bibby Financial Services Limited ('The Bibby Scam'), is illustrated by the stories of some of the victims. 


Here are some of their stories and some of the newspaper reports.

Daily Telegraph 25/11/2012


'Bibby, the country’s largest independent asset based financier, offered inducements to a finance broker … charging excessive and opaque fees and “profiting” from company failures through so-called “termination fees” that finance firms charge when they appoint administrators'


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‘Bibby are the most aggressive, unprofessional company and actively encourage their "administrator" friends to prey on good and viable businesses. I am going to campaign to my local MP and local business leaders to teach this company a lesson - THEY HAVE AFFECTED THOUSANDS OF FAMILIES ACROSS THE UK BY ORCHESTRATING LIQUIDATIONS AND CLOSURE OF VIABLE BUSINESSES - THIS HAS TO BE STOPPED - I will be writing to Vince Cable today!!’.

 

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            Daily Telegraph 25/11/2012 

'One of Bibby’s own ‘whistleblowers ‘delivered a damning verdict on the “immoral and commercially short-sighted” practice of profiting from companies’ administrations’ ... he told The Sunday Telegraph “I promise you it happens. I hate it'. 

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'Bibby Financial Services offers to pay 80% of your invoices immediately ... However, they only averaged giving me 20% of invoices that were 100% paid. I am nearly bankrupt and they are entirely to blame. Even after we broke off our relationship, they kept cashing checks from clients and didn't even tell us. Crooks and vultures. No matter what, do not do business with Bibby Financial Services'.

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Sharma v Bibby Financial Services ... The Court found that at the time the emails were sent, Bibby had a corporate culture which tolerated heavy drinking and condoned and paid for the use of dating and escort services and strip clubs as part of the business. ... Bibby's Managing Director attending lap dancing venues and/or strip clubs with clients and/or suppliers.'

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'Firstly, let me congratulate you on your blog and I wish you every success in your campaign. I have first hand experience of Bibby's actions, where an 80% lending contract yielded less than 40%. One of their many tricks to do this was to say that our clients were not good credit risks. Once of those was a major British corporation, upon which Bibby placed a credit ceiling of £10,000 when Lloyds bank rated them worthy of £1,000,000+'.

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Daily Telegraph 24/8/2012

“An invoice finance broker ‘they have created havoc among their clients. They are trigger happy to appoint administrators so that they can gorge themselves on surpluses in customer sales ledgers using aggressive clauses'.


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Daily Telegraph 19/7/2013

'Bibby has seen its profits fall by 35pc after experiencing "difficult issues ... [including] a very negative campaign by a former client". This was a reference to retired Norfolk businessman Rene Greville, who is running an aggressive online protest against Bibby’.

‘Rene, I was on the verge of moving our CIDS facility (80% of a £1.1m debt book) to Bibby. Their offer ticked all the boxes, but I was privately advised to ready your Blog before moving. I am shocked!!! Thank you for your efforts’.

 

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‘I’ve been reading your blog. I’ve been with Bibby for almost 1 yr & the only way I think about them now is "at least Dick Turpin wore a mask"

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'Our problem occurred when for no apparent reason Bibby changed our contact girl and the new one refused £30K+ of one of our batch of invoices simply because she couldn't get hold of the clients when she called. This then sparked a visit from them which after a few days they informed me that they felt the debt we had with them (£100K), was not collectable, even though our bad debt ratio with them was one of the best they had (their words to our accounts lady) and they said my company was insolvent. They gave me one week to come up with the invoice amount of around £100K. We were clearly not in a position to do this and they invited me to a meeting at their insolvency company Hammonds in London where they invited me to pay the insolvency company £10k for the assets of the company and they would arrange for the Phoenix Company to have a facility with Bibby Factors and continue trading. I refused this and explained this was immoral and I would never agree to this. They told me a member of their staff was on the train to liquidate the company and there was nothing I could do under the terms of my contract with them.  They then applied charges to the account that we had to pay them which was well in excess of any money we owed them. My ex-wife had to sell the family home as they had a charge on it to pay them. They were utterly ruthless in their dealings with us and overnight transformed their dealing with us and ruined my company.'

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Hello again Rene I cant sleep with worry. So here’s my story. Three and a half years ago, I had a healthy business I had built up over fourteen years. As my company was growing I was advised by my bank to take on invoice financing to ease my cash flow. They introduced me to Bibbys, who as you know the great story they tell. I was in my best year business wise, turnover was well up and with the most profit in the company. Guess what they started slow paying me, no matter what I said to them my invoices didn't get collected, no help was offer as I repeatedly told them my creditors where chasing me for payment. they let me get wound up, over 11k the company was turning over 1/2 a mill plus. then they sent the boys in who have turn my company from profit to debt with their charges. They put the pressure on me at a time of grief on Christmas Eve, I signed a deal I should have never done. Late this week they are going back to court to take my house off me and anything else. I really dont know what to do. I’m in a mess.

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‘Just been contacted by Bibby Financial representative, Glad I 'Googled" to check further. Any reputable finance companies suitable for small buisness, or is this just wishful thinking. Struggling due to poor cash-flow, having just moved to larger premises, thought sales patter from Bibby rep. was too good to be true’.

 

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‘You are like a little Jack Russell terrier Rene. Keep snapping at those bastards ankles until you take them down. They are sociopaths all, with no scruples. Best wishes to you’.

 

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‘Hi I just tried sending you a private message but it bounced back. I have just spoke to my husband and he would love to chat to you. He could really do with chatting to someone else who has dealt with Bibby and wants to support your blog. He is an honourable man who doesn't deserve what Bibby are doing to him. He's seeing a solicitor soon as they want to put a charge against our house. He would love to hear from you. Keep up the great work!!!’.

 

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‘Thank you for doing this blog - my husband has been with Bibby for 2 years. Due to builders not paying him and Bibby's huge charges and not paying invoices properly he has had to liquidate the company. Now he owes them £19k after signing a personal guarantee - £13k which he can pay from retentions and the remaining £6k will pay off monthly. They are saying they want a charge on our house which I am refusing. Scared now what will happen next (we have 3 young children). If only we could get all the companies Bibby has made go into liquidation stand up together against them for once. Wish we had read this blog before my husband signed the papers’.

 

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‘Bibby Factors … under-hand and totally corrupt tactics that they use in dealing with, and forcing clients into administration or liquidation purely for their own financial gain. I like many others have been put in this situation … With us Bibby factors starved us with cash leaving us no option but to put the company into administration, a story that is true of many other viable companies in the uk, and true of several of my customers who also suffered the same fate, one of which was promised the earth by bibbys and then within a month of taking him on as a client forced him under. They then supported him in a phoenix company and when his ledger was up to a substantial amount after 3 months did the same again There are hundreds more companies that this has happened too and would be so glad if our plight can be brought to the attention of the world through the media, to safeguard the jobs of thousands of people that are employed by companies who have to use Bibby's and other factoring companies for funding. Between them all, if their antics continue they will destroy British business’.

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‘Bibby closed us down just a month or so after taking us on from our previous factoring company … They forced the company into admin after 6 weeks, funded newco and after 2 months sent in administrators to close the business down and make 30+ people unemployed. They sold off assets and I am now fighting a Statutory Demand for £150,000.00. My house is going and life as was known does not exist. As a family we are trying to rebuild but in these times that is very difficult’.

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‘My Company has ceased manufacturing earlier this year having being closed by Bibby, despite the company trading profitably and they are now chasing me for a personal guarantee that I was pressured into signing last year, late on a Friday afternoon at a motorway service station, having no legal representation. They are in the process of calling in the pg very aggressively. In recent weeks they told me they wanted to come to a mutually agreeable settlement, but having put forward several offers they have come back refusing all offers. They now say they will only take the full amount plus interest and charges and are threatening my family home. Although I have taken some legal advise it would appear that they can do whatever they want due to clause 5 in their terms and conditions, which were never made available to me at the time of the pg. I haven't the funds to fight this through the courts and therefore I am almost at the point of settling so that I can sleep at nights and try to get my life back on track, but this is a massive amount of money to me which I will have to remortgage my family home of 30 years to clear’.

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'Congratulations on your whistle blowing "Bibby Blog".  There were many reasons why I quit Bibby, your blog being one of them … Back in 2011 we were having problems getting payment out of our biggest client at the time, and I was spending more time chasing invoices than I was actually getting any work done … I went to see Bibby … They were delighted to accept my business, and assured me I would see 80% of my invoices paid up front whilst they pursued them. … Imagine my surprise when they decided that several of my customers- including my biggest one- had "low credit ratings", so they therefore "couldn't" pay 80% up front as promised.  One of the companies which they assigned a low rating to was the second biggest engineering firm in the world, and another was, wait for it...Tesco. At this point I decided to Google Bibby, which is when I discovered your blog. … My advice to anyone thinking of signing up to Bibby is this - instead of signing up, why not take a big pile of your cash and flush it down the toilet?  That way you will lose your money and endanger your business on your own terms, thus negating the need for Bibby to do it.  Believe me when I say you will not get the amount of cash up front that you are promised, you will get unexpected and unexplained bills, and you will get a lot of grief … If you are currently with Bibby, might I suggest you start working an exit strategy now?  Check your contract and see how quickly you can escape.  Beware that if you do leave invoices will go unpursued, but if you stay on top of this like I did you can prevent Bibby screwing you. Thanks for alerting me to the scam Rene.  Keep up the good fight!'.


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‘I intend to bring up the questions of the competence of the administrators … overcharging, ridiculous fees, I feel my company failure can be attributed to Bibby's actions’.

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‘Thank you for your relentless quest against Invoice discounters, and the information and riveting reading contained in the Bibby Blog. Like may others I have fallen victim to Bibbys, with HM Recovery Ltd being forced into administration in January after a strangulation of Cash flow by Bibby's. …  several companies that also factored with Bibby, and have also suffered the same fate as me, one of them twice, having been promised a £600k facility, only to have it reduced to less than £500k after signing, and Bibby actually putting them into administration after just 1 month!! … The name of bibby in the Northwest is once to be scowled at and one that generally follows with a torrent of abuse for any concerned. …  after working 24-7 for 25 years to build a successful business it makes your blood pressure rise having watched it all be destroyed by Bibby’.

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‘I have only just found your site and the interesting reading regarding the appalling company Bibby's. I would be interested in discussing my own experience with this company and indeed the two characters Boyle and Sallabank’. 

 

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'First off, I want to say what a marvelous job you are doing with the site. It is a reassurance to know that I am not the only one they have done this to. I am writing to tell you that I was another one of their victims. They offered me competitive terms on a factoring deal in 2009 for my business. I was previously using my bank. Bibbys started off fine but after a few months, began increasing the restrictions on the account for minor reasons such as the credit worthyness of my clients. They had not had a problem in 20 years of trade, so it was not a real reason. They continued to withold crucial payment monies to the point that I began running into arrears on the tax payment. It was because of Bibby this happened and from there it was a vicious circle. They began holding more monies back which made the problem worse, until they finally advised that I pre-pack the business through an administrator they knew. A lot of this was off the record, but that's what they told me. Bibbys left with a tidy sum, as did the administrators. The creditors lost a lot of money which was not my fault. In time, I may send some more specific details but I know how powerful these people are and I don't want any retribution from them. I just want you and the others who have written to you, and the government, to know that I am a victim of their practice, and so are the creditors of my now-dead business. Good luck and I hope you can give them some of their own medicine'.


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‘Indeed, my own experience of how this company conducts itself, and the IP's it appoints is one that should be exposed and broadcast so that future companies avoid them at all costs’.

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'Factoring companies took me to the edge of financial oblivion. With these guys you really are making a deal with the devil. I used to use Bibby Factors. They did me a big favor, they caused me so much grief that I decided to sell my UK business and move to Vancouver, Western Canada. I would rather work for minimum wage at Walmart than use Bibby again'.

 

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'I have always regarded Bibby as a name to be avoided at all costs.  These latest revelations don't surprise me in the least.  For the last five years, I have immediately terminated the services of any supplier who entered into a financing arrangement with Bibby'.

 

 

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'I could fill Vince Cable's office block with evidence of wrongdoing, if the people who are still in business dare to speak out'.

 

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'It's for the company directors themselves to reject any idea of a relationship of any kind with these sharks'.

 

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'These sharp practices and other misfeasance and misconduct by the banks, their lawyers, accountants, insolvency practitioners and recovery experts, have existed since at least the time of the  Insolvency Act 1986.  Many good companies were forced out of business in fire sales by banks who using their fixed and floating charges to recover all of their money.  They did not spare a thought for the hundreds of thousands of people who lost their jobs'.

 

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'I've seen several administrations - some done correctly and others, (as it happens) involving Bibby and their appointed administrators, done very badly and it would appear for their sole benefits and without the interests of creditors or employees in mind. All available funds from the administration are then swallowed up by exorbitant termination, collection and administration fees'.

 

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'Many factors and/or their staff have seen ways to use brokers and insolvency practitioners to maximize their profitability by using questionable, unethical or even verging on illegal methods. This story is only the tip of the iceberg and I can only hope that The Telegraph do not stop digging, they will discover some very disturbing treasure! One can only hope that this publicity will eventually bring the industry into line'.

 

 

'The Insolvency industry really needs to be looked at, they should have been proactive in challenging much of what has been going on and I hope they are the next in line for a serious investigation'.

 

 

'A client was told that our proposed CVA led rescue was not appropriate. We lined up TWO replacement invoice finance companies to take out a debt with a large invoice finance provider – a bank owned largely by the tax payer. It had given the company 48 hours notice of appointing administrators despite unsecured creditors wishing to support the draft CVA. The lend was reducing and we brought in providers that were prepared to refinance in 2-3 days. Despite the funding offer being made in writing in only 24 hours the bank still “pulled the plug”. It charged £200,000 exit fees on a factoring lend of £700,000. Breathtaking'.

 

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'Take any two insolvencies and see how much work the insolvency practitioners do. It is directly related to the money available and is on the whole pointless, At £500+ per hour the money is quickly whipped away. I have been dealing with Insolvency Practitioners for 25 years. I have dealt with senior partners in the largest firms to one man bands and they are all the same. Greedy thieves'.

 

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Bibby Financial Services Limited are running the same scam in America – and they are already on the US IRS radar: 



'Bibby also owes our business almost 20,000 dollars! We have been trying to collect the remaining accounts receivables for months to no avail. We earned the money. It doesn't belong to BIBBY! So very worried. We own a small business and may not survive this. The economy is bad enough without having to deal with companies like this!'

 

 


'We have also had dealings with Bibby Financial. We feel Bibby is taking advantage of our honesty. They are claiming to have profited 411,000 (us dollars) off of our business, but we believe it is even more, while we are having a very hard time covering our obligations. We do not recommend Bibby'.



SO YOU HAVE BEEN WARNED 

IF YOU SIGN A CONTRACT WITH BIBBY FINANCIAL SERVICES YOU WILL LOSE YOUR BUSINESS, YOUR HOME AND YOUR CREDIT.

DON'T SIGN WITH BIBBY!

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