LANARK auction firm Lawrie and Symington has written to over 700 shareholders in a move to reassure them after debts allowed to mount up in its Forfar operation reached “alarming” levels.
The amount involved over a two-year period is rumoured to be a six-figure sum and, while not confirming any figures, L&S Chairman Michael Clark told the Gazette: “It is a sizeable amount of money.”
The events involved credit extended at the Forfar market – which L&S took over in 1998.
These led to the dismissal of one Forfar employee and the resignation of another.
Explaining why he had sent the letter, Michael said: “It is the shareholders’ company and we have to keep them on-side.
“They were aware of the problem and they were wanting to know what was going on.
“It was really just to bring them up to date.”
For more on this story pick up a copy of the Carluke and Lanark Gazette which is in the shops now.