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

Online Embroidery & Clothing Printers
Leicestershire, UK Wide

Fantastic growing embroidery and clothing printers company. This is a relocatable business opportunity. Extensive list of fixtures and fittings. Offers invited.

Asking Price: £249,000
Turnover: £559,810

RELOCATABLE


Play Centre with Restaurant
Manchester, UK Wide

Upmarket restaurant and play centre based in Manchester. Affluent trading area. Beautifully presented throughout. Management team in place. Newly equipped in 2018. Offers invited.

Asking Price: £699,950
Turnover: £624,000

Restaurant
Manchester, UK Wide

Popular restaurant located in Media City, Manchester. Located close to BBC offices. Good public transport links. Offers invited.

Asking Price: £275,000
Turnover: £416,000


View more businesses for sale

News Search

Latest News

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

 
12
 
Jul
 

Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE

Blancco Technology Group, which provides a range of mobile d...

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