BusinessBusiness RecoveryStockport County administrators defend fees

Stockport County administrators defend fees

Administrators from Leonard Curtis defend their role managing the football club, as fans plan protest

The joint administrators of
Stockport
County Football Club
have defended themselves over fans’ anger at
the levels of fees they have charged.

Administrators in charge of the club said their fees were in line with the
normal rates and requirements of their regulatory body, and a “significant
amount of time” had been spent on operational matters to try and effect a sale
of the ailing club.

The defence by
Leonard
Curtis
directors John Titley and Paul Reeves was in response to a
planned protest march on 23 December by the club’s fans, which will pass the
firm’s office in Deansgate, Manchester.

The protest covers a number of aspects relating to their unhappiness at the
running of the club, and includes discontent at the firm’s reported fee rate of
£300 per hour – which could amount to a £300,000 bill, Accountancy Age
understands.

“…Outrageous, and COULD be the final nail in our coffin,” according to one
Stockport County website in relation to the fees.

Titley and Reeves have issued a strong defence of their efforts for the club.

A sale of the club remains their prime objective, and anticipated being
unable to fully recoup their own fees related to the job.

“As previously stated, despite incurring these substantial time costs to keep
the club operating and to secure a purchaser we have not received a fee to date
because any such fee depends on the outcome of the sale process. We have not
used available funds to cover our fees so that essential trading costs – mainly
salaries – can continue to be paid,” they said in a statement.

They also called upon the reported organisers of the march to contact them to
discuss their concerns.

Further reading:

Analysis:
Insolvency profession under the spotlight

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