Barclays Blamed For Pet Co.'s Collapse In £1.25M Loan Fight
Law360, London (September 1, 2020, 2:42 PM BST) -- Barclays Bank and auditor BDO have been accused in a High Court lawsuit of conspiring to force a pet care supply company into administration so that the lender could collect on a £1.25 million ($1.7 million) loan guaranteed by a holding company.
Leisuregrow Holdings Ltd., which owns securities in outdoor furniture, lighting and pet supply companies, alleges that "unreasonable and prejudicial conduct" by Barclays Bank PLC meant that Petface Ltd. could not recover from financial difficulties and had to default on two loan agreements, according to defense documents filed by the company on Aug. 24.
Barclays says in its suit filed in...
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