BusinessCompany NewsSheffield Wednesday calls in former Dyson CFO to find cash boost

Sheffield Wednesday calls in former Dyson CFO to find cash boost

Nick Parker to help The Owls find a much-needed injection of cash as potential investors eye the club

Nick Parker has been parachuted in at Sheffield Wednesday in an advisory
capacity as the club makes a push to meet an end-of-March deadline to find
much-needed investment.

Parker, previously CFO of Dyson Group plc, has more than 20 years of
transactional experience in fundraising and finance. Sheffield Wednesday said he
had been brought onto the board until 31 March 2009 to help secure a vital
injection of cash from potential investors.

All parties – including the club’s lenders the Co-operative bank, potential
investors, the loan note holders, certain key shareholders and the board – have
been working towards a target deadline of the end of March to find some
investment, which led to moves to strengthen the board with Parker’s
appointment.

Three months ago Sheffield Wednesday ramped up its efforts to find investors
capable of taking the club forward. Working alongside the process of actively
seeking a buyer for the company, which was announced on 7 May 2008, the company
developed a long-term business plan for Sheffield Wednesday as a basis for
seeking long-term direct investment.

‘At this stage, the board can confirm that negotiations are at an early stage
with a number of interested parties who have the resources and desire to invest
in and thereby move the club forward,’ Sheffield Wednesday said.

‘While these discussions are ongoing, there can be no certainty that a
formal proposal capable of being presented to shareholders will be forthcoming.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor