BusinessBusiness RecoveryPortsmouth administrators win £4m boost

Portsmouth administrators win £4m boost

Investigations by The Guardian reveal Pompey sponsor owes club £2m - as opposed to owed £2m by the club

Portsmouth administrators could see its debts fall by £4m, according to
reports.

The
Guardian
revealed its sponsor and shirt supplier, Canterbury Europe,
owes the club money – not the other way around.

Last month liabilities to
Canterbury Europe totaled
£1.99m with the company described as a trade creditor in Portsmouth
administrators’ report.

However, Canterbury Europe hit the wall and entered administration in the
summer of 2009. A statement of affairs at Canterbury, prepared by
KPMG at the end of last
year, showed the business owed Portsmouth £1,862,724.67.

The Guardian contacted Portsmouth administrator Andrew Andronikou, partner at
UHY
Hacker Young
, who said: “We have discovered that there is a debtor in our
favour so the trade creditor figure will come down quite substantially.”

JD Sports bought the majority of stock and staff at Canterbury Europe but is
not listed as a Portsmouth creditor.

Further reading:

Pompey
administrator to go for CVA

Taxman
increases Pompey debts

Pompey
administrator appoints CEO

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