When I heard of the issue with the MBNA MasterCard and Sevco I did not put any great significance by it.
However, following on from that I was intrigued to learn today that the Metro Bank had asked for an “urgent meeting” with the Blue Room chaps this week.
I’m sure that those Brothers will be watching Closely.
This could be a developing story.
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The MBNA matter is a complete non story. All affinity cards have been under review following the change in law relating to credit card charges. The new limit means affinity cards no longer cost in and the banks are pulling out of most. It really has absolutely nothing to do with cold shouldering, debt, impending administration or any other financial issue at Sevco.
When hope and bias supersedes insight and informed debate it really just plays into the hands of ra peepul that those on the comments board are just I’ll informed obsessives.
Phil, I exclude yourself from this criticism of course but for other blogs e.g the Celtic blog, and the various comments sections, including here, it is telling just how true Bertrand Russell was with his “origin of myths” theory, in short, that people are inclined to believe what they want to believe and yet require overwhelming evidence to the contrary to be persuaded otherwise.
Whilst there is undoubtedly questions to be answered on so many fronts alas the MBNA thing is not one of them.
Bank and customer have a meeting ! hardly unusual
It is when the bank urgently demands the conclave.
Never good news.
When your bank demands to see you urgently it’s not for a friendly chat to see how you’re doing and enquire as to how they can help you.
Lolz
Aye they’ll gladly give you a shovel,for making the hole you’re in with them.
EVEN DEEPER AND WIDER.☮️
Or they’ve come to SHUT YIR SHOP.✅
I’d still be surprised if the MBNA card had any significance in terms of Sevco finances. There was a Celtic card a few years back which ran off and wasn’t continued. I’d imagine there are other reasons, but could be wrong.
Metro could want to talk for many reasons, recent pressure on account. Maybe payments being covered only at last minute. Who knows. Be interesting to find out…
Sorry Phil, I’m off the pace on this one. Is this one of these business credit cards which employees far enough up the food chain are trusted with and which is paid off monthly in the same way anyone else’s credit cards are? I heard some time ago that certain people within the sevco hierarchy had access to such a facility. I also heard that the credit card company were regularly paid only the minimum amount payable each month and the credit limit was rapidly being approached. It’s some time since I heard these rumours and frankly had pretty much forgotten about them.
It’s just a branded credit card, so those amongst ra peepul who have a far better credit rating than the club they follow follow can have their Sevco card.
I’m not sure it’s that significant a development as regards any impact on Sevco. The MBNA UK credit card business has recently been taken over by Lloyds Bank. It’s possible they’ve undertaken a review and decided the Sevco card isn’t worth continuing with.
The breaking story re Tesco Bank is potentially far more significant for Sevco.
Metro Bank has nothing to do with MBNA? That’s not the story.
Also ST’s have started and they have to be processed through a credit facility. There’s also rumours emerging regards there being no option for “payment terms”.
There could be trouble ahead … as the song goes.
Insightful work Phil.
I think it won’t be long before it’ll be cash only payments.
They’ll soon lose the card payment machines, and no instalment plan for season tickets.
Would the GASL try to get the gullibillies to pay twice for season tickets if he bankrupted the club near the start of next season.
Interesting week ahead if the takeover panel come out and sanction the cold shoulder as the GASL is just kicking the can now to see how far he can push the buttons.
Interesting point in his letter to shareholders the other day “The offer is 20p for each of the issued and to be issued shares of rifc not already owned by the concert party”.
Is he trying to issue new shares at the same time or just trying to muddy the waters.
Good work Phil.
HH
Could this be the beginning of the “cold shoulder” spreading, albeit informally at this point?