UK banking concern Barclays has been finding itself the subject of headlines for the all wrong reasons over the last couple of weeks. Rate fixing has been the focus of attention and it looks as if there is more to come.
I am no longer surprised by just how small and interconnected the world has become, and you could be reading this from anywhere in the world.
You may be asking why on earth I have chosen to start this piece with mention of a British bank. Am I keen to get something online quickly and head out of the office? Well, this may be partly true. I will be away for a couple of weeks, so when my blog goes quiet, you will know why, but that is not the reason for writing about Barclays.
With the poultry industry, Barclays has not garnered much interest. Another name has been the topic of conversation, however, and that name is Doux, the family owned business that is one of the world’s largest poultry exporters.
The group has debts of €340 million and went into administration back in June, but now it has emerged that a consortium has been formed to buy the business. All bids for the business had to be submitted by July 16.
The consortium is interested in all aspects of the poultry business, but it could be split between the various purchasers, reshaping the landscape somewhat. While the business may survive, there is, however, no guarantee that employees will not be let go. This sounds all too familiar from the banking sector.
The consortium’s bid will cover debts to breeders, but not to financial institutions. That is a bit of a shame for one British bank in particular – it was revealed last month that Doux owed €140 million to Barclays!