Hundreds of jobs are at risk after a West Molesey printing company’s web division was advised to go into administration.

The Alderson Group, based in Pool Road, will move parts of its business away from Barclays to take back control of its assets, after the bank stopped payments to staff and suppliers.

The company hoped to save 250 jobs and pay suppliers to keep the business going by taking the case to the High Court.

Barclays allegedly withdrew the group’s cash facility, which Alderson said was in retaliation to its complaints about the bank’s misselling of interest rate swaps – a specialist type of loan insurance. 

Ron Alderson, co-founder, said: “The bank is acting completely inappropriately, not only interfering with our bid to strengthen and grow our company, but to stop us trading.”

The bank said the allegations were nonsense, and the company’s finances were the reason it had stopped payments.

A Barclays spokesman said company auditors found the company’s future in doubt because of insolvency.

The group, which has been trading for 50 years, wrote to the bank six weeks ago to raise concerns over the misselling of swaps in 2006 and 2008, after guidance from the FSA saying no company’s finance agreements would be altered significantly while negotiations over compensation were ongoing.

Barclays was the worst offender in misselling that could cost the industry more than £1bn in compensation.

Aldersons is considering a High Court injunction demanding Barclays reinstate the agreement.

The group’s board then requested a meeting with the bank to discuss unexpected delays in funding and the long-term strategy for the business, including capital injection.

The bank allegedly agreed its support but, without the knowledge of the board, called the shareholders into a private meeting where they encouraged them to put funds into the group’s Barclays account.

Following payments by the shareholders, Barclays did a routine invoice discounting audit.  

All of the group’s previous audits had been “exemplary”, the company lawyer claimed, but the audit led to concerns over liquidity.

Barclays’ sales finance team then stopped the group’s ability to draw cash and make payments.

Mr Alderson said: “I am very upset and very concerned. We have got a loyal workforce here who are showing such loyalty by coming in on their own free will. I’ve explained the position to them and we’re trying to save jobs.”

Since Sunday, August 19, the group’s board has, under instruction from its shareholders, sought to move part of the business outside of Barclays’ control.