The first set of accounts for Skye Bridge Ltd. shows that they have lost over £4.5 million since the company was formed three years ago, and that 85% of the toll money collected in the first year was spent on collecting them!
An analysis of the accounts by SKAT and their reading of the figures was supported by an independant analyst. The companies working capital has dropped from £4,807,819 at the end of the financial year in 1993 to -£2,227,829 at the end of 1995.
International business analysts Dun & Bradstreet have described the company as "a significant risk...they have made losses for three years and have a massive negative net worth. The parent company is the Bank of America who might cover any losses they make but we would be advising people to look for guarantees before giving them any credit. This is why we have given them such a poor rating and unless something very dramatic happens that rating won't change."
SKAT says that the accounts also show that six of the company's directors have resigned in the period between Feb 95 and Oct 96. "No comment" was the reply from the company.
Copyright © Ray Shields, 1997.
Most recent revision, 14 February 1997.