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Please see below an extract from Richard Bearman’s letter to torc2 Ltd dated 1st July 2016. I’m sure you agree that there are some very interesting comments especially when read in conjunction with the words of Ian Stuart on the evening of the Awards. Richard Bearman uses the word try on two occasions in his correspondence but yet Ian Stuart in front of 120 assembled guests was adamant that HSBC were ‘going to work with the Company to achieve the investment required’. The word try was not part of his statement!

 

Richard Bearman goes on to describe two of the judges as ‘third parties’ . Indeed these were the very same judges that confirmed to me that Ian Stuart had given the identical assurance of support to achieve the investment required within the confines of the judges room at the time of the selection process.

 

The team at torc2 Ltd have a collective experience of over 100 years of running businesses and certainly don’t require Richard Bearman’s advice in regards to what is realistic and what isn’t when it comes to potential investment. As a Company we already have two investors on board (including one seed investor back in 2013) and are fully aware of the process involved. What I would state though is that in order for anyone from HSBC to promote torc2 Ltd to any potential investor they would require a greater understanding of the business as a whole including a discussion with torc2 as to why it was believed that the investment sought should be in the region of £1m as opposed to the £300k as stated within the business plan. No such discussions ever took place! In fact every single contact throughout the four months has been initiated by someone at torc2 Ltd and not HSBC.

 

EXTRACT FROM RICHARD BEARMAN LETTER DATE 1st JULY 2016

 

“Whilst there was inevitable positivity in the room on the evening of the dinner, any comments made by third parties could not be interpreted as a guarantee of HSBC support. In terms of Ian Stuart’s offer to try and obtain investment support I firmly believe this was given with integrity and a genuine desire to assist. Indeed, I know he made contact with a number of potential investors and even more recently has suggested alternative options.

 

It is impossible to guarantee an investor will place funds in a business as clearly they will look at a number of factors and have other considerations to those that we made under the Elevator competition.

 

If you felt that Ian’s offer of support to try and help you find an investor meant that investment was guaranteed then I understand the frustration but I do also think it was unrealistic to believe that this would be the case”

 

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As you know Richard Bearman was also responsible for making the suggestion at the meeting in Coventry on 28th June that Ian Stuart may have been carried away with the euphoria and the party spirit of the Awards evening when he made the statement of intent. It has to be said that Ian Stuart actually made this statement of intent on three separate occasions. Once in the judges room, once to the assembled guests from the podium, and finally to myself and Ron Taylor immediately after the Awards speech!

 

ON THIS PAGE WE CAN ADD THE SEQUENCE OF EVENTS AND NAME PEOPLE

 

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