AN ANGRY boss says a bank bungle has led to all his staff losing their jobs.

Rod McIntosh, managing director of Platinum International Holdings Ltd (PIHL), which is based at Murrell Green Business Park, in Hook, said he had to lay off all six of his staff before Christmas and is desperately trying to come up with a rescue package.

The company designs and markets electronic devices.

Mr McIntosh said his problems began last July after banking giant HSBC indicated to PIHL’s client businesses that PIHL might go bust.

He said they ordered that all PIHL cheques be returned to the payees marked “Payment prevented Insolvency Act proceeding”.

However, PIHL was not in any financial trouble and was completely solvent. But it meant companies would not do business with PIHL, which was then unable to market The Magic Chip – a state-of-the-art device which improves vehicle fuel performance.

After investigating, Mr McIntosh discovered that the bank had confused PIHL with an earlier company, Platinum International Group Ltd (PIGL), which had gone into liquidation in March 2008. PIHL was set up after the death of one of the directors of PIGL and is funded by the same Saudi Arabian investors.

Mr McIntosh said he had nothing to do with PIGL, but has had to suffer the consequences of the mistake.

HSBC has now admitted the error and Mr McIntosh is discussing compensation.

However, he is now in the dire position of not having any money to pay his former staff redundancy money and is desperately in need of new investors.

He said: “We have The Magic Chip and two other revolutionary products that we need to get out to the market as soon as possible.”

The other devices are an oil recycler and intruder detection system.

Mr McIntosh has also been in contact with James Arbuthnot, MP for North East Hampshire, who has written to HSBC and is awaiting a response.

Mark Hemmingway, spokesman for HSBC, said: “We are aware of this particular case and have been liaising with Mr McIntosh to try to bring this matter to an amicable resolution.

“We have apologised to our customer for what was a genuine error and we have asked him to supply us with certain information. Once we have this then we hope to be able to make a suitable offer of compensation.”