These were the words of a director of a very large local business (who I am not going to identify, or allow to be identified), that came that close to disaster.
The economic climate turned against the firm, and the impact on the banks fundamentally affected the ability of that firm to continue to borrow at the previous level.
I looked at the 2008 accounts last night and you can see that the rapid growth has required large borrowings to fund the expansion, and it is easy to see where the pressure must have come from earlier this year.
The problem for this firm, and its competitors, is that the banking situation will have got even more difficult over the past six months, and will be tighter and tighter for them all. I foresee some blood on the carpets in that sector over the next six months as the impact of the global crisis starts to impact here.
It is clear to me that there is going to be a big contraction in the local economy, and that is going to have a serious adverse impact on employment and lead to increased out-migration of the best and the ablest.
The challenge of how to deal with this is firmly in the hands of HIE and the Council. The former instill little confidence in the business community and the later are going to have to work very hard with very limited resources to try to soften the blow.