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

Plumbers Merchant & Large Bathroom Showroom
Colchester, Essex, South East, UK

With a good level of net profit available and a fantastic reputation, this is an ideal opportunity for an entrepreneur with industry expertise, or a competitor looking to grow through acquisition, to own a successful business with further growth pote...

Asking Price: Offers Invited
Turnover: £970,757

LEASEHOLD


Driving School
Silverstone, Northamptonshire, UK Wide

The long-standing business offers a wide range of services including prestigious, advanced rally driving lessons as well as entertaining rally days out, rally courses, junior rally driving experiences and professional rally driver training based in t...

Asking Price: £350,000
Turnover: £300,000

LEASEHOLD


Manufacturing Company
West Midlands, UK

The business for sale is an established company specialising in the design and manufacture of modular ballast support systems/ access solutions for the HVAC and Renewable energy industries. The flat roof framework system is fully adjustable and can b...

Asking Price: Offers Invited
Turnover: £614,931

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Feb
 

On-demand laundry app snapped up after administration | BUSINESS SALE

Laundrapp, an on-demand laundry service which was touted as ...

 
18
 
Feb
 

Subprime lender Amigo launches sale process | BUSINESS SALE

UK subprime lender Amigo has announced that it is in talks w...

 
14
 
Feb
 

Leicester printing firm enters administration | ADMINISTRATION

Long-established Leicester printing firm Taylor Bloxham Grou...

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