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According to financiers in the City, Davis' outgoings via the VEG had been exceeding income for some time and, lacking an alternative capital base to support this, the outcome while sad, is hardly surprising.
They would have culled up to 50% of their assets about two years ago and avoided this but .. few entrepreneurs are willing to step back in this way.
As I often tell my clients, sometimes one has to step back in order to make effective the march forward!
Sav