BusinessBusiness RecoveryCSI administrators reveal pay freeze at Portsmouth

CSI administrators reveal pay freeze at Portsmouth

Following HMRC’s winding up petition UHY Hacker Young administrators inform staff of pay freeze

UHY ADMINISTRATORS have revealed that staff pay at Portsmouth FC has been frozen.

Peter Kubik and Andrew Andronikou, partners at UHY Hacker Young, were appointed joint administrators to the club’s parent company Convers Sports Initiative in November last year.

HM Revenue & Customs issued a winding up order directly against the club earlier this month, with reports that it owes the taxman about £1.6m.

A statement from Portsmouth FC said: “The club’s bank accounts have been frozen, which is the normal process in these circumstances.

Andronikou tried to allay concerns, revealing the administrators hope to achieve court approval tomorrow which would”reactivate” the accounts, The News in Portsmouth reports.

He hopes the process will be completed by the end of the week.

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