(PRLEAP.COM) Statement from Rob Sadler, partner at Begbies Traynor and joint administrator for Crawley Town Football Club.
The Administrators are pleased to announce that the Club has received a last minute opportunity to stay in the Nationwide Conference. Whilst bids were being sought for the sale of the Club’s assets, a significantly improved sum to be paid to the creditors was offered by the current owners. The offer could not be ignored and was put to the Creditors’ Committee for their views. Following extensive discussions with the Committee, the vote to pursue the new offer was split, one for and one against with two abstentions. As no serious offers for the assets of the Club have been forthcoming, the Administrators have decided that the offer should be pursued.
The offer will see a return to unsecured creditors of 50 pence in the pound, although it is yet to be approved by the general body of creditors through a Company Voluntary Arrangement. It is sincerely hoped that the fans will be pleased that the Club is a step closer to staying in the Nationwide Conference and achieving some stability. Following the joint statement previously issued by the Supporters Club and Devils Trust offering support for the current owners, subject to certain assurances, the Administrators wish that all parties will now work with the common goal of achieving the best future for Crawley Town Football Club.
The Club’s next step is to comply with the rules and regulations of the Football Conference and Football Association in order to start the new season.
End
Press contact:
Sarah Hooley
Bell Pottinger North
01625 506425
Information on Begbies Traynor can be accessed via the Group’s website at
www.begbies-traynor.com
Notes to editors:
About Begbies Traynor Group plc
The Group specializes in business insolvency management and is becoming increasingly active in the area of personal insolvency. It also offers services in corporate rescue and investigation services and has entered the field of corporate finance.
In November 2005, the Group entered the rapidly-expanding volume personal insolvency market via the acquisition of W3 Debt Solutions, a firm specializing in providing advice and practical support to individuals in debt.
The Group has grown to its current network of 32 nationwide offices ranging from Scotland to the South West of England, with 350 operatives. The Company continues to pursue its strategy of organic development, coupled with the acquisition of specialist knowledge of both individuals and firms, to further increase its market share in its core services.
The Directors believe that the Group is the UK’s largest independent insolvency, corporate rescue and recovery specialist with clients ranging from major institutions to individuals with business difficulties.
The Office Network
The Group operates with 60 licensed insolvency appointment takers, some 225 fee earning staff and 65 in support and administration. The Group operates from 32 locations across the UK.
Business Activities
The core business of the Group is the formal administration of insolvencies including receiverships, liquidations, administrations, company voluntary arrangements and business-related personal insolvencies. The Group has extended its activities into a range of consultancy services including corporate rescue, credit management, forensic and investigation services and corporate finance.
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