A LEADING Coventry Councillor has slammed the motives behind venture capatalist Jon Moulton who shut down Coventry-based Citylink on Christmas Day.
As founder and chair of Better Capital investment funds, Mr Moulton promised to turn City Link around after buying the express parcel delivery company for only £1 in 2013.
But the company fell into administration on Christmas Day and around 2,000 staff are set to be made redundant on New Year’s Eve.
City councillor and Labour Parliamentary Candidate for Kenilworth and Southam, Bally Singh is shocked and saddened by the way ordinary workers have been treated.
And he is concerned by Better Capital’s motives for buying Citylink in 2013.
He said: “Ordinary workers have been treated with zero respect by the owners of Citylink.
“To announce the closure on Christmas Day with little warning is heartbreakingly callous. I, therefore, urge the Government to intervene and work actively with the Trade Unions so that a going business concern can be salvaged from this mess.
“The chair of Better Capital, Jon Moulton, promised over £40 million would be invested in order to turn the company around.
“However, he has called in the administrators in little over a year! Where has the promised investment gone, and what does he intend doing with the company assets?”
Bally Singh also calls upon the Conservative Party to donate some of the funds given to them by Jon Moulton to the hard pressed workers of Citylink.
“I urge the Conservative Party to use some of the £300,000 donated to them by multi millionaire Jon Moulton, to help anyone suffering extreme hardship as a result of losing their jobs on Christmas day.”