Bolton Wanderers to propose administration escape plan

Mon, 18 Jan 2016 | ADMINISTRATION

Championship football club Bolton Wanderers are set to put forward their plan to escape administration at the High Court in London today (Monday, 18 January).

Two men from the club will put the business plan forward to demonstrate how the club intends to repay some £3 million in debts.

If the plan is accepted, the club will be able to sell some assets immediately to continue operating in the short term. However, if it is rejected, it looks like they will be forced to enter voluntary administration.

The club is understandably keen to avoid administration as aside from the business problems its distressed status would bring, it would also mean that they would be hit with an instant 12-point deduction by the Football League.

Speaking to The Bolton News, manager Neil Lennon said: “We will endeavour to do everything we can to start winning games. That's our job. We believe in ourselves as a backroom team and we will keep going.”

The main creditor to the club is HMRC, which is owed £2.2 million, while it is thought a mixture of creditors are owed the remaining £800,000.

The paper also reported that the club is expected to tell the court that it is close to concluding its hunt for a new owner. However, the official line at the moment is still that the situation is ongoing.


Share this article



Latest Businesses for Sale

Roofing Contractor
North East, UK

Provides roofing services and safety system products such as slating, tiling, waterproof liquid roofing, over cladding, sheeting, felting, safety netting and guttering. Works with clients from sectors such as education, healthcare, national retail ch...

Asking Price: Offers Invited
Turnover: £5,600,000

FREEHOLD


Air Conditioning, Heating & Ventilation Contractor
West Midlands, UK

Air conditioning, heating & ventilation contractor offering consultancy, design, sales & installation to commercial, industrial & residential properties. Supplies & installs market leading products to SME’s & blue-chip customers operating in a range...

Asking Price: Offers Invited
Turnover: £1,770,000

Supply & Servicing of Vending Machines & Related Equipment
East Anglia, UK Wide

Supplies, services & maintains a range of vending equipment such as coffee machines, snack vending machines, cold drink machines, water coolers & slush machines. Companies involved in the supply, filling & servicing of food & drink vending machines,...

Asking Price: Offers Invited
Turnover: £800,000


View more businesses for sale

News Search

Latest News

 
21
 
Nov
 

Buyer sought as North East contractor enters administration | ADMINISTRATION

A buyer is being sought for Pro-Fix Installations after the ...

 
20
 
Nov
 

Swindon waste-to-gas plant construction to resume after administration | ADMINISTRATION

An unfinished waste-to-gas facility in Swindon has secured &...

 
19
 
Nov
 

UK government set to approve Cobham takeover | BUSINESS SALE

The British government is poised to approve the $5 billion t...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
09
 
May
 

Bolton Wanderers FC set to go into administration | ADMINISTRATION

Relegated professional football club Bolton Wanderers FC is ...

 
28
 
Apr
 

Bolton Wanderers hit with winding-up petition | BUSINESS NEWS

Bolton Wanderers have been issued with a winding-up petition...

 
04
 
Dec
 

Potential buyers eye-up administration-threatened Bolton Wanderers | ADMINISTRATION

Bolton Wanderers FC are on the brink of administration, but ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources