Montague's assets 'cover loans': Tiphook chief reassures banks on pounds 30m debts Bankruptcy petition not yet served
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ROBERT Montague, the Tiphook chief executive whose personal debts have been estimated at more than pounds 30m, has told creditor banks that he has sufficient assets to cover his liabilities.
The head of the trailer rental group also said he was meeting the terms of a pounds 2.3m loan from Royal Bank of Scotland, which last week filed a bankruptcy petition against him. Yesterday, the petition had still not been served.
Ian Clubb, the incoming chairman of Tiphook, which has been renamed Central Transport Rental Group, has said he needs to keep Mr Montague on the board to help solve the company's financial crisis. If he is declared bankrupt, Mr Montague will be disqualified from being a director.
Revelations at the weekend that Mr Montague's debts are pounds 30m could threaten the company's future strategy. But a source close to Tiphook's banks said Mr Montague had a 'myriad of assets'.
The spokesman refused to be specific, but added: 'This figure has not emerged overnight. The company's creditor banks have known about it for a long time.'
Mr Montague had said the RBS loan was being serviced and the bankruptcy petition was 'part of the wider financial game that's played out when things go wrong'. RBS could not be contacted.
As well as the personal debt to Royal Bank, Mr Montague is believed to owe several million pounds to Barclays Bank. Both debts relate to loans on his 1,500- acre estate at Pusey, Oxfordshire. Mr Montague also owes at least pounds 10m to Commerzbank, which is a principal bank to Tiphook. A Barclays spokesman confirmed it was reviewing its options over the loan, and added that it was not the largest lender to Mr Montague.
Despite Mr Montague's attempt to calm fears over a possible financial crisis, there was still concern that he cannot repay his debts.
Pusey Hall, bought for about pounds 7.5m in 1990, is believed to be worth less. Mr Montague has large shareholdings, and family trusts own substantial assets, but there was doubt that their value is anything close to pounds 30m.
Mr Montague was not available for comment.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments