My Metro Bank tale (sorry if this is too long)17 Dec 2020 13:56
Hello, this is my first post although I've been logging onto this site for a couple of years as I've become a long term shareholder more by accident than design. So I've got a bit of time on my hands at the moment, so perhaps a good time to say Hello to everyone.
So here is a tale. For many years I've owned a business that installs office furniture, does fit-out and refurbishment and also helps businesses to relocate. You might get a flavour of that from my user name. So in 2010 and through a long standing relationship I've had with a US based office furniture dealer I was asked to handle the import, storage into my warehouse and then installation of furniture for a new bank start up called Metro.
So I did and within a couple of weeks I started get containers full of "banking hall" furniture which we initially installed in Southampton Row and then Earls Court. I attended project meetings led by InterArch (you'll know all about Shirley Hill I guess). At the start up phase they were so disorganised it was breath-taking. I was running around being their janitor at times. I was buying bins, paper clips, copy paper and staples as no one had thought that this was something that would ever be needed. Of course I charged them plenty for my efforts so that was good.
They started gradually getting a bit slicker and grew their own facilities department etc. In the meantime, the dark wood veneer for their banking hall furniture is called Anigre and cannot be matched in the UK, so to this day after having looked after every installation until I sold the business a couple of years ago, every new store opening included the shipment of furniture from Canada and the USA so it continues to match the "brand". This even extends to the wall panels in the banking hall. So that's the back story but you'll understand when I say that whilst I don't have the financial insights and expertise that people on here do, I do know enough about the business model to be a bit of a fan of MB even though everyone else seems intent on leaving the High Street. And yes I know the Safe Deposit boxes as I helped install them in the very early days.
When the a@se fell out of the share price a couple of years ago, I felt it was overdone because although based upon my limited understanding of these things the actual risk in relation to the viability of MB was relatively unscathed (unless I'm wrong). I bought initially at £5.00, more at £2.50 and I've kept averaging down ever since to the point where my average price is £0.99, so I'm finally back in positive territory for the moment although far more heavily invested financially than I would like to be.
So you've read my tale and I tip my hat to all you experts and I've learned a lot - so thank you.
For all us optimists out there, I share your aspirations and would be delighted to see this get back towards £3.00 in the future. Am I a dreamer? - Possibly.
Stay well everyone.