Banker in the furniture business
ONCE AGAIN while reviewing the trading performance of African Bank Investments Ltd (Abil) you suggest its subsidiary – Ellerine – is causing it indigestion due to poor credit granting immediately prior to Abil’s takeover of Ellerine. I’ve never had any connection whatsoever with the Ellerine group, but as somebody who has spent many years in the furniture industry I believe that to be a red herring.
It’s well known within the trade that Ellerine has always been very conservative in its doubtful debts provisioning. The problem lies with the current management team appointed by Abil. That team consists, in the main, of talented individuals but with no experience whatsoever in the credit retail furniture industry, working with a number of executives from the failed Relyant group. Blaming past Ellerine management for the group’s decline is simply not true. ROBERT SHRIRE