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News - 15 August 2012

Portsmouth FC on the brink of Liquidation

Despite all the recent efforts of the administrators (appointed 17th February 2012) to save the club by off-loading first team players and reducing overheads, the announcement on Tuesday that the preferred buyer was withdrawing his offer, sent Portsmouth once more into deep trouble.

The intention was to push the sale through early next week in order to ensure that player recruitment can begin as quickly as possible for the start of the new season.

The offer from the Pompey Supporters’ Trust remains a fall-back position and the Administrators were pleased to note that the council had agreed to provide a loan facility to support the trust bid.

As part of the rescue deal a CVA will provide unsecured creditors 2p for every pound owed. In order for the CVA to go through, 75% or more of creditors by value of debt need to vote in favour of the proposals.

We wait and see if the South Coast derby will be a regular match or just history.

If you need any help and advice for your business on reducing Debtor Days, cashflow and Payment Terms contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

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