Thu, 24th Apr 2014

Argus News

Brighton company battles with banks for survival

By Neil Vowles

10:15am Tuesday 1st October 2013

Brighton company battles with banks for survival

Staff at a security company have been working unpaid for the past two months as the business battles for survival.

More than 20 employees at AB Cameras Ltd are owed £30,000 between them as the Brighton-based company fights to survive.

Company CEO Jason McCreanney said that a lack of investment is killing his “innovative company”.

However some employees said they had become disgruntled at not being paid which was leaving them in financial difficulties.

The firm began five years ago when Mr McCreanney created AB Cameras, which trades as Keyhole Security, out of the ashes of a previous incarnation, South Coast Locksmiths.

The day after the previous company folded in 2008, eleven employees arrived at work for free to revive the firm with just £100 to its name.

Now for the remaining five of those original employees it is a case of déjà vu as they are again working for free.

The firm supplies cameras for a number of high-profile firms including Scotia Gas Networks, Mediforce ambulances and the Environment Agency (EA).

The business learned on Friday that it had won the tender for a new contract with the EA, who it supplies with cameras to monitor water levels at sluice gates during heavy rain, but even that contract might not be enough to save it.

Mr McCreanney said he was looking to sell the locksmiths side of the business for £50,000 which could cover the owed wages for staff.

He said: “We have been going to lenders, banks and anybody to try and find investment but we haven’t been able to despite being a profitable business.

“We got to the situation two or three months ago where cash flow was extremely tight. Lack of bank lending really is an issue for us.”

Mr McCreanney, whose wife is owner and sole shareholder, said he appreciated it had been a difficult time for his staff.

He said: “Most of the staff have been really good and are coming in even though we can’t pay them.

“I understand it’s been hard on the staff, but it’s also been hard on myself and I have had to pay myself £8,000 a year and not many CEOs would pay themselves that little.”

Steven Ingram, of Portland Road in Hove and an employee for the last 14 months, said: “I have not had wages for a couple of months, I am in arrears on the rent on my flat and my direct debits are not being paid.

“I am having to borrow money from my parents to get me through so I have enough to live day to day.”

Comments(51)

Comments(51)

spencer1973 says...
10:23am Tue 1 Oct 13

Sounds like a dead duck. I was in a position like this, however I gave my employer 3 days grace to pay me my money or would be off. Off I went and sued for my back wages and holiday pay.

To summarise . Leave early, get owed wages or sue in the smll claims court

This article has incriminated the owner as he has effectively admitted to trading whilst insolvent , which is illegal.

lucylocket69 says...
12:00pm Tue 1 Oct 13

A David Brent character who should do the decent thing and go into liquidation so his staff can claim for their missing wages, instead of being left in a penniless limbo!

zippedy says...
12:40pm Tue 1 Oct 13

How can he state its a profitable business if he cant pay his staff for over 2 months? As the comment above states surely if hes admitting to trading whilst insolvent then hes breaking the law. I don't understand how these people are allowed to go bust then reopen and let the same thing happen again. Its disgraceful.
Poor staff who have been left penniless for 2 months that cant pay their mortgage and feed their kids, yet hes bleating as hes only earnt £8k! Instead of blaming the banks he should look at his business skills and management! A business that's so far on its knees isn't going to attract investment is it!

Tallywhacker says...
12:46pm Tue 1 Oct 13

Risen from the shes? Doesn't sound like a very good investment then as it's failing again.

bhafcforever says...
1:50pm Tue 1 Oct 13

"Previous company folded in 2008", "wife is owner and shareholder"!

Alarm bells are ringing - I wonder why no Banks are willing to lend??

Case of leopards and spots I think.

Its a pity, but not all business have a 'right' to survive.

Sugarfries says...
2:30pm Tue 1 Oct 13

Unfortunately Mr McCreanneys ostentatious behaviour of hanging on as long as possible to a business that was clearly dead for his own gain. His employees stood by working loyally for a company that showed no compassion or care. Care for their financial or personal issues they were facing at home. Direct debits bouncing, rent/ mortgage missed payments. And the added stress of letting down their families who depend on them financially. He should have liquidated at least a month ago, for the people who made his business possible in the first place. The least he could do so they could claim their lost wages.

matlock says...
8:04pm Tue 1 Oct 13

It's not illegal to trade whilst insolvent. Many companies do. However, he must stop trading if he believes that he has no realistic prospect of returning to solvency. If he doesn't, he can become personally liable for any worsening of the company's position.

Profitability is not directly linked to cash flow, and it's lack of cash that's causing people not to be paid. He may have profitable contracts, but if he is unable to realise the cash from these when it's needed, he will be in trouble.

It sounds to me as if he really needs to have a brutal attack on costs and overheads, but he possibly lacks the appetite. It's not easy when you are so close to the action.

I'm H Jarrs and I can't stand cars! says...
10:35pm Tue 1 Oct 13

The Green policy's are beginning to bite.

Yet another success story for us

brighton bluenose says...
11:56pm Tue 1 Oct 13

CEO?! What a pompous title for a small business!!
As for paying himself just £8k a year one can't help wondering what his wife was paid as well! Are we really meant to believe a five year old company with the alleged client base was making sufficient profit enough to pay him only £400 a week or so - sounds rather dodgy to me!

matlock says...
6:54am Wed 2 Oct 13

I'm not sure if it's the case with this company, but one of the most tax efficient ways of getting money out of a company you control is to pay yourself a salary up to the personal tax allowance (2012/12 = £8105), and then draw the rest as dividends. In this case, his wife is sole shareholder which means that she would recieve all the dividends (if any were being paid, of course). The controllers of the company would avoid paying Employers NI by doing this, and it is standard practise for small companies.

The best way to find out is either (a) obtain the company accounts from Companies House, or (b) inspect the company's register which must, by law, be kept at the company's registered office. The last accounts filed were made up to 31/5/12.

I'm H Jarrs and I can't stand cars! says...
7:33am Wed 2 Oct 13

brighton bluenose wrote:
CEO?! What a pompous title for a small business!!
As for paying himself just £8k a year one can't help wondering what his wife was paid as well! Are we really meant to believe a five year old company with the alleged client base was making sufficient profit enough to pay him only £400 a week or so - sounds rather dodgy to me!
Surprised that you are able to even begin to understand what's going on here

Ashles says...
9:37am Wed 2 Oct 13

matlock wrote:
I'm not sure if it's the case with this company, but one of the most tax efficient ways of getting money out of a company you control is to pay yourself a salary up to the personal tax allowance (2012/12 = £8105), and then draw the rest as dividends. In this case, his wife is sole shareholder which means that she would recieve all the dividends (if any were being paid, of course). The controllers of the company would avoid paying Employers NI by doing this, and it is standard practise for small companies. The best way to find out is either (a) obtain the company accounts from Companies House, or (b) inspect the company's register which must, by law, be kept at the company's registered office. The last accounts filed were made up to 31/5/12.
That's actually very interesting. £8K did seem like a bizarrely specific amount.

It would be very interesting for someone to follow up on this story.

If only there were some form of organisation who would investigate potentially interesting local stories and write about what they have researched...

Oh well, back to the Frankie Cocozza stories.

ceobuster says...
9:53am Thu 3 Oct 13

As a creditor of the previous company (Southcoast Locksmiths) the liquidators report last year showed he had no yet paid for the stock and good will he purchased from the liquidator when Southcoast Locksmiths went into liquidation.
So he has been trading on stock and goodwill he has not paid for and still he can not make a profit. Why would anybody want to invest.

zippedy says...
3:38pm Sat 5 Oct 13

Funny that when this happened in 2009 he quotes a contract with the EA also. If you put name into Argus search box you will see. Really hope that someone does a bit of digging here to make sure all is above board!

forthegreatergood says...
8:47pm Tue 8 Oct 13

Jason macreaney has spent years ripping people off from investors, other company directors, creditors to his general staff!
This bloke deserves nothing for the way he's acted all these years and I personally hope he loses everything.
A lot of people have been left high and dry from this sheister.
BE WARNED IF THINKING OF INVESTING AND DO YOUR HOMEWORK.
I do feel sorry for his staff but they deserve much better and it's best for them if Jason goes under in the long run

lovelocks says...
11:48am Wed 9 Oct 13

well this is the best news ive had since i was made redundant from them back in the good old days!!! send me your CV Mr J Mc Cringy ........ur expertise in the security industry speaks volumes.
JACK OF ALL MASTER OF NONE
All the best for the future, cos u dont have 1........

lovelocks says...
11:57am Wed 9 Oct 13

matlock wrote:
It's not illegal to trade whilst insolvent. Many companies do. However, he must stop trading if he believes that he has no realistic prospect of returning to solvency. If he doesn't, he can become personally liable for any worsening of the company's position.

Profitability is not directly linked to cash flow, and it's lack of cash that's causing people not to be paid. He may have profitable contracts, but if he is unable to realise the cash from these when it's needed, he will be in trouble.

It sounds to me as if he really needs to have a brutal attack on costs and overheads, but he possibly lacks the appetite. It's not easy when you are so close to the action.
appetite!!!! he never had it cos he knows naff all about the industry.
appetite!!! he likes the pies.....cage fighter! punches like a girl, even the army didn't want him!

lovelocks says...
11:58am Wed 9 Oct 13

forthegreatergood wrote:
Jason macreaney has spent years ripping people off from investors, other company directors, creditors to his general staff!
This bloke deserves nothing for the way he's acted all these years and I personally hope he loses everything.
A lot of people have been left high and dry from this sheister.
BE WARNED IF THINKING OF INVESTING AND DO YOUR HOMEWORK.
I do feel sorry for his staff but they deserve much better and it's best for them if Jason goes under in the long run
you know that BRUV.
love ya x

lovelocks says...
12:02pm Wed 9 Oct 13

I'm H Jarrs and I can't stand cars! wrote:
The Green policy's are beginning to bite.

Yet another success story for us
stop smoking the green then......weirdo

lovelocks says...
12:06pm Wed 9 Oct 13

lucylocket69 wrote:
A David Brent character who should do the decent thing and go into liquidation so his staff can claim for their missing wages, instead of being left in a penniless limbo!
wise words Lucy.
not sure about the BRENT comment, hes a funny guy and Mc Cringy is FUNGUS!!!

tracyangus says...
9:50pm Sat 12 Oct 13

this man deserves everything he gets, his staff however do not. they deserve better and hopefully that is what they will get.

forthegreatergood says...
2:36pm Sun 13 Oct 13

Possession notice now sited on the front door of keyhole security from jones vending who own the property but yet have recieved a single rent payment in 5 years.
The clock is ticking Jason !!!!
Hope you lose your house to cover all the monies you owe to HSBC and numerous other creditors you've swindled down the years.

lucylocket69 says...
11:33pm Sun 13 Oct 13

forthegreatergood wrote:
Possession notice now sited on the front door of keyhole security from jones vending who own the property but yet have recieved a single rent payment in 5 years.
The clock is ticking Jason !!!!
Hope you lose your house to cover all the monies you owe to HSBC and numerous other creditors you've swindled down the years.
Sadly that's not the same as a liquidation notice though :( Like you I really hope it all catches up with him soon. And that someone somewhere decides to dig a little deeper and investigate this muppet.

Sugarfries says...
8:27pm Mon 14 Oct 13

The liquidation notice with be present by Wednesday.

lucylocket69 says...
1:25pm Tue 15 Oct 13

Sugarfries wrote:
The liquidation notice with be present by Wednesday.
Really? Is that a fact as they have been saying that for weeks

lucylocket69 says...
10:10am Thu 17 Oct 13

As predicted STILL no liquidation - and so it goes on.............

lovelocks says...
10:19am Thu 17 Oct 13

lucylocket69 wrote:
As predicted STILL no liquidation - and so it goes on.............
this is HELL!! i know he's very buoyant but cant be much longer that Mc Cringy can keep his head above water....heard he open a new shop in BTON somewhere? any news on this anyone? ......

forthegreatergood says...
10:05pm Thu 17 Oct 13

lovelocks wrote:
lucylocket69 wrote:
As predicted STILL no liquidation - and so it goes on.............
this is HELL!! i know he's very buoyant but cant be much longer that Mc Cringy can keep his head above water....heard he open a new shop in BTON somewhere? any news on this anyone? ......
Does he know he'd have to pay rent ???

lovelocks says...
9:00am Fri 18 Oct 13

He'd better getting practicing that well known phrase...."BIG ISSUE,BIG ISSUE"

no rent on the pavement.......

he probably couldn't sell them either!!!!

ceobuster says...
9:04am Fri 18 Oct 13

If he has set up again you can bet its with some of the assets from Keyhole. My guess is the liquidator will not find out, so he will get away with it again.

lovelocks says...
2:27pm Fri 18 Oct 13

ceobuster wrote:
If he has set up again you can bet its with some of the assets from Keyhole. My guess is the liquidator will not find out, so he will get away with it again.
u prob rite cos thats when we made the money, in the KEYHOLE days!!!! liquidator needs to find out then, wont they!!.....defo heard a rumour that he open/ing again in Bton!!

ceobuster says...
2:35pm Fri 18 Oct 13

He trades with other peoples money and the good will of employees, which he treats very badly, and brags about how his staff love him so much they will work for nothing. - Sadly, even with all this free money and help, he still can not manage a company that makes money.

Lovelocksforever says...
9:00pm Fri 18 Oct 13

interesting from Linkedin.
Jason McCreanney's Overview
Current
CEO at MBS-EMEA Ltd (Still trading on Companies House)
CEO at Keyhole Security
Sales and Marketing Director at Keyhole Security.

scum of all scum, needs to be taught a harsh painful lesson
you dirt bag stop ruining Family life's and companies futures.
Jason do us all a favor

Lovelocksforever says...
9:06pm Fri 18 Oct 13

Lovelocksforever wrote:
interesting from Linkedin.
Jason McCreanney's Overview
Current
CEO at MBS-EMEA Ltd (Still trading on Companies House)
CEO at Keyhole Security
Sales and Marketing Director at Keyhole Security.

scum of all scum, needs to be taught a harsh painful lesson
you dirt bag stop ruining Family life's and companies futures.
Jason do us all a favor
His Linkedin profile is full of Crap worth a read if you want a chuckle.
http://www.linkedin.
com/pub/jason-mccrea
nney/25/6a7/736

Lovelocksforever says...
9:06pm Fri 18 Oct 13

Lovelocksforever wrote:
interesting from Linkedin.
Jason McCreanney's Overview
Current
CEO at MBS-EMEA Ltd (Still trading on Companies House)
CEO at Keyhole Security
Sales and Marketing Director at Keyhole Security.

scum of all scum, needs to be taught a harsh painful lesson
you dirt bag stop ruining Family life's and companies futures.
Jason do us all a favor
His Linkedin profile is full of Crap worth a read if you want a chuckle.
http://www.linkedin.
com/pub/jason-mccrea
nney/25/6a7/736

lovelocks says...
11:14am Mon 21 Oct 13

Lovelocksforever wrote:
Lovelocksforever wrote:
interesting from Linkedin.
Jason McCreanney's Overview
Current
CEO at MBS-EMEA Ltd (Still trading on Companies House)
CEO at Keyhole Security
Sales and Marketing Director at Keyhole Security.

scum of all scum, needs to be taught a harsh painful lesson
you dirt bag stop ruining Family life's and companies futures.
Jason do us all a favor
His Linkedin profile is full of Crap worth a read if you want a chuckle.
http://www.linkedin.

com/pub/jason-mccrea

nney/25/6a7/736
WOT A BIG DIRTY RAT he is!!!
CEO....gone to his head aint it !!! i can think of many things that could stand for.

big up the LOCKLOVING x

Mc Cringy loves a LOCK or 2

lucylocket69 says...
9:09pm Tue 22 Oct 13

Anyone heard any news on the liquidation??

lovelocks says...
9:30am Wed 23 Oct 13

lucylocket69 wrote:
Anyone heard any news on the liquidation??
NARDER,NOUGHT, NUFFINK........

lucylocket69 says...
1:18pm Wed 23 Oct 13

lovelocks wrote:
lucylocket69 wrote:
Anyone heard any news on the liquidation??
NARDER,NOUGHT, NUFFINK........
Its beyond a joke now isn't it - will be 3 months soon that the staff have gone without any money! Plus IF any payout comes from the liquidators that takes another 4 weeks plus - don't know how he can sleep at night!

forthegreatergood says...
9:28pm Wed 23 Oct 13

Jason is finished now!
All key systems & records have been taken now by the key companies like multilock, grunman etc
That's it as far as the locksmith side goes for mr mc'sheister and his MILF wife.
AND GOOD RIDDANCE !!!

Sugarfries says...
9:31pm Wed 23 Oct 13

So? Is it Liquidation or administration? If any? How the hell does this keep getting strung out?!

Sugarfries says...
9:31pm Wed 23 Oct 13

So? Is it Liquidation or administration? If any? How the hell does this keep getting strung out?!

forthegreatergood says...
9:56pm Wed 23 Oct 13

Administration I believe but all the creditors and key companies went in today alongside police and bailiffs and removed everything.
As far as I believe, mc'sheister has nothing left even if he wanted to trade again, under yet another name, he's got bugger all to trade with.

lucylocket69 says...
11:27pm Wed 23 Oct 13

forthegreatergood wrote:
Administration I believe but all the creditors and key companies went in today alongside police and bailiffs and removed everything.
As far as I believe, mc'sheister has nothing left even if he wanted to trade again, under yet another name, he's got bugger all to trade with.
He could still trade on the Automotive side of the business though?........

forthegreatergood says...
9:02pm Thu 24 Oct 13

lucylocket69 wrote:
forthegreatergood wrote:
Administration I believe but all the creditors and key companies went in today alongside police and bailiffs and removed everything.
As far as I believe, mc'sheister has nothing left even if he wanted to trade again, under yet another name, he's got bugger all to trade with.
He could still trade on the Automotive side of the business though?........
Under what name?
His wife won't be able to head a company now either

lovelocks says...
8:55am Fri 25 Oct 13

forthegreatergood wrote:
Jason is finished now!
All key systems & records have been taken now by the key companies like multilock, grunman etc
That's it as far as the locksmith side goes for mr mc'sheister and his MILF wife.
AND GOOD RIDDANCE !!!
HOORAY!!! street party?
MILF? dont know what DVDs u been watchin but DEFO not a MILF.....road kill more like x

lovelocks says...
8:56am Fri 25 Oct 13

forthegreatergood wrote:
lucylocket69 wrote:
forthegreatergood wrote:
Administration I believe but all the creditors and key companies went in today alongside police and bailiffs and removed everything.
As far as I believe, mc'sheister has nothing left even if he wanted to trade again, under yet another name, he's got bugger all to trade with.
He could still trade on the Automotive side of the business though?........
Under what name?
His wife won't be able to head a company now either
STEALS ON WHEELS.......

Sugarfries says...
10:54am Fri 25 Oct 13

lovelocks wrote:
forthegreatergood wrote:
lucylocket69 wrote:
forthegreatergood wrote: Administration I believe but all the creditors and key companies went in today alongside police and bailiffs and removed everything. As far as I believe, mc'sheister has nothing left even if he wanted to trade again, under yet another name, he's got bugger all to trade with.
He could still trade on the Automotive side of the business though?........
Under what name? His wife won't be able to head a company now either
STEALS ON WHEELS.......
He knows less about automotive than he does about Security! Bomb before it starts!

ceobuster says...
10:59am Fri 25 Oct 13

Maybe he should set up a company to train people in management techniques I am sure it would do just as well as all the other failures he has had.

lovelocks says...
11:29am Fri 25 Oct 13

should we be giving Mr Mc chicken sandwich this much attention? tooooooo **** rite, not had this much fun since Mc flurry said he was a cage fighter...BIRD CAGE u chump...

SIGN HERE FOR THE Mc Nugget appreciation club:

LOVELOCKS (honorary member)

Lovelocksforever says...
9:00pm Tue 29 Oct 13

Useful information found online, the Swindle continues he is also Director for 2 companies still trading how can this b, Let me tell you the Bloke is a total Swindler out to get your money and rip of his own staff. he needs **** over!!!!! absolute toss ****

Jason McCreanney holds 4 current appointment, has resigned from 2 companies and held appointments at 6 dissolved companies. Jason began their first appointment at the age of 34 and their longest current appointment spans 8 years and 8 months at GARN CREATIONS LIMITED.

The combined cash at bank value for all of Jason's current businesses is £26, with a combined assets value of £3,633 and liabilities of £59,069. Roles associated with Jason McCreanney within the recorded businesses include: Director, Company Secretary

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