• HLS have been reliant on loans since the beginning of our campaign.
• HLS initially had a £12 million loan with Natwest.
• When RBS took over Natwest in 2001 they did not want to take the campaign with them, and when HLS failed to pay their money back in time wrote off the debt for £1.
• HLS then borrowed money from US bank Stephens, after a year of campaigning they dropped HLS.
• By 2006 HLS were $100 million dollars in debt after securing an anonymous foreign loan. No other financial institution would touch them and still won't.
In 2009 HLS are still $70 million in debt and meant to pay it back in 2011, but HLS were also in crisis in March 2009 when they were unable to make one of their loan repayments. Cass even tried putting out a desperate plea in the national press calling on a bank to give them a loan and bank account, but no one responded as HLS remain radioactive.
HLS cannot pay back their 2011 loan, and as a result have to sell the company. No one wants to help HLS which is why Andrew Baker is borrowing money himself to try and buy the company for over $100 million!
HLS say their lenders are "Progress Funding" and "Anchor Sub Funding" - both of these have agreed to roll over the existing debt and provide an additional $15 million to help the company complete the Baker buyout.