Yellowhammered
POOR little Yellowhammer lies on its back with its claws in the air. The cat got it, and now the receiver has it. To the City, it is the latest warning (Saatchi is the loudest) of the perils of investing in the ad business. To other advertisers, it shows what can happen when an innocent agency comes to the City, meets plausible advisers and gets carried away. (Yellowhammer chose to get ready for 1992 by opening offices all over Europe, and the costs were such that it contrived to lose more than its turnover.) To its bankers, the topic is too painful to mention. Barclays is Yellowhammer's main bank and its principal creditor. The receiver, trying to recover what he can for the creditors, must now press for money from Yellowhammer's dominant client, which, in the ordinary way of business, is likely to be its principal trade debtor. This is Barclays Bank.
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