Insolvency - Pompey picks Kidsons two
Two Kidsons Impey accountants were appointed joint administrators of Portsmouth Football Club last week, picking up the work from under the noses of Hacker Young corporate recovery specialists.
Hacker Young were advising the club, as reported in Accountancy Age last week, but lost the work to Kidsons Impey when the case went before the High Court last Wednesday.
Hacker Young corporate recovery partner Andrew Andronikou said the firm was ‘pleased’ with the result. ‘Administration was the best way forward. It meant the club has survived. We wish them the best,’ said Andronikou.
For Kidsons Impey, joint administrator Tom Burton said he would review all the options available to cut costs and look for offers from anyone interested in buying the club.
‘This will not be an easy job, because the club is currently losing more than #35,000 per week,’ said Burton.
Celtic Football Club’s chairman-elect Frank O’Callaghan is continuing the influx of accountants into the boardrooms of UK sports clubs.
The 59-year-old Scots ICA member and former Stakis Group finance director was chosen to succeed current club chairman Fergus McCann.