BusinessBusiness RecoveryAdministrators sell Plymouth Argyle FC

Administrators sell Plymouth Argyle FC

P&A Partnership administrators sell club to asset management business Akkeron

THE ADMINISTRATORS of Plymouth Argyle FC have finally been sold the club following weeks of negotiation.

Brendan Guilfoyle, Christopher White and John Russell, from The P&A Partnership were appointed joint-administrators on 4 May.

The trio managed to agree a deal with asset management business Akkeron today which would see the stadium sold to the local council for £1.6m and leased back for annual repayments of about £130,000.

Guilfoyle, partner at The P&A Partnership, said: “I am delighted that this morning we have agreed a deal that will see Plymouth Argyle Football Club coming out of administration. We have been assured that Akkeron will complete the purchase today.”

Earlier this month Guilfoyle announced the administrators and the lawyers would waive 50% of their fees to ensure the sale of the club.

However, no information has been released on the percentage of fees that were finally agreed in the sale.

“Like many other parties both ourselves and Walker Morris have waived a significant amount in fees to ensure the survival of the club,” said Guilfoyle.

The club will now exit administration via a Company Voluntary Arrangement, (CVA) which contracts repayments to creditors over an agreed period of time.

Players and employee wages, which have reached £3.5m, are to be paid in full over five years.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

1y Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer