VETERAN venture capitalist Jon Moulton yesterday hit back at MPs who criticised the collapse of delivery firm City Link as acting “outside the normal rules of natural justice”.
Moulton runs Better Capital, the private equity firm that owned City Link, which collapsed last Christmas.
In a letter to MPs – sent as parliament was dissolved for the General Election – Better Capital described findings that it deliberately misled workers as hurtful and unjust. It complained it was not allowed to respond to the report by the business committee and the Scottish affairs committee before it was published last week.
“We appreciate that you operate outside the judicial framework, but are dismayed that you chose to operate outside the normal rules of natural justice,” the firm wrote.
The report said City Link took a deliberate decision not to inform employees and contractors as to the true intentions and position of the company and that this was in the financial interest of Better Capital.
In the letter, Moulton wrote: “This accusation was not put to us and we had no opportunity to respond to this hurtful and unjust labelling.”
Despite parliament now being dissolved, Moulton added that Better Capital would “welcome an opportunity to make our case that these serious assertions as to our behaviour are unfounded and unfair.”