Link: Oldham faces wind-up
As Accountancy Age went to press, the cash-strapped second division club had already missed May’s payment to the Inland Revenue, due last Thursday. Its June payroll, VAT and an instalment on arrears are also due by the end of the month. In total, the club must pay out £500,000 for June alone.
The club’s adviser, Jon Newell, a partner at PKF, said that if no white knight comes in and payment is not made, the process to begin a winding up procedure could start this week.
He said that, although there had been some interest shown in Oldham, no firm commitment to buy had been made. ‘People have made approaches, but we do not know if they have the financial wherewithal,’ he said.
‘The person buying Oldham can expect to pay out £2m just to keep the club running until the same time next year – 31 May 2004.’
Earlier this month, Newell said he would be ‘selling a hole’, as the club has few assets, no star players, and does not even own its ground.
Newell added that the club could still receive a last-minute reprieve.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children