Statement of Capital

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Re: Statement of Capital

Post by BWFC_Insane » Fri Feb 04, 2022 3:00 pm

Gudnib wrote:
Fri Feb 04, 2022 9:24 am
Still no sign of the missing document at Companies House. BBB have plainly done a bum deal with at least £5m of taxpayers money (there may be more) and whilst a policy of 'least said, soonest mended' might have no legal justification why not try it if there is zilch chance of being held to account.

Sharon's interview has now had nearly 8,600 viewings. She said some interesting things that were plainly true and some others that didn't quite cut the mustard for me. Wigan, for example, are presently showing that you can turn a lower league club round quite quickly with money and a decent manager.

I'd be interested to know why Sharon thinks that 'one superfan is enough' and who precisely are the five investors she spoke of, how much each has put in and what share they have got for it.

'Every single thing you do is analysed', said Sharon. No it isn't, luv.

Meanwhile I notice that, because of COVID, Saint Marcus' MUCS Enterprises has got a three month extension for filing its accounts. COVID must have made it more difficult to add all the money up.

I'm keeping an eye out for the Wythenshawe food bank's accounts. I'm not expecting that they will have been experiencing the same difficulty.
That’s as relevant as saying Man City are a good example that you can go from league one and win the premiership with the right owners, money and a fair wind over a decade.

But I mean it doesn’t actually have any relevance to us does it? I admire your pursuit for full economic transparency though you aren’t ever going to get it.

But we surely are a club transformed from when FV took over. And in terms of sustainability I don’t think you’ve any idea whether Wigan are more sustainable than we are should current owners depart.

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Re: Statement of Capital

Post by Gudnib » Sat Feb 05, 2022 10:06 am

Those guys and galls at the Charities Commission aren't hanging about. The Wythenshawe Food Bank's accounts are two days overdue and the red alert warning's gone up already.

I'm curious to see if the most celebrated users of Wythenshawe food banks have made any contribution yet.

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Re: Statement of Capital

Post by Gudnib » Sun Feb 06, 2022 9:05 am

I get an email on almost a daily basis from the ST about the Football Finance Governance Review but I keep asking myself, following the collapse of Bury and the near collapse of Bolton and Wigan, whether football fans are any more informed or are they just as susceptible to flannel as they were before?

So far as I know, there was no-one other than FV in the frame to save BWFC from the fate of Bury but has the media or the club ever really explained the funding or the sustainability plans?

Sharon could sell pasties to Carrs but can we not just see the numbers, Sharon, or at least some of 'em? Not too much to ask, is it?

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Re: Statement of Capital

Post by Gudnib » Mon Feb 07, 2022 8:34 am

Apparently the £5m loan/gift was mentioned by a member at ST's recent AGM. I understand Neil Hart answered with what sounds a lot like the usual spin.

Sharon's well past the legal time limit for filing the shareholder details but there's still time for her to apply to extend the accounts filing deadline by three months. FGR's owner, Dale Vince, has done it for Ecotricity Group and so has Marcus Rashford for MUCS Enterprises Ltd, the money making machine that exploits the image of Saint Marcus.

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Re: Statement of Capital

Post by Gudnib » Tue Feb 08, 2022 9:09 am

The red warning notice has finally been put up on the Companies House website. I expect that will mean that warning notices will also have been sent to each of the directors. Its not the crime of the century but, having received £5million of taxpayers money, FV should be doing better.

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Re: Statement of Capital

Post by Bruce Rioja » Tue Feb 08, 2022 9:38 am

Gudnib - apologies if you've covered this off before, and you probably have, but briefly, what's this amount showing as owing to Prescot Business Park Limited about?
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Re: Statement of Capital

Post by Gudnib » Wed Feb 09, 2022 1:59 pm

Bruce Rioja wrote:
Tue Feb 08, 2022 9:38 am
Gudnib - apologies if you've covered this off before, and you probably have, but briefly, what's this amount showing as owing to Prescot Business Park Limited about?
No apology needed, Bruce.

PPB was formed in 2010 as a £100 company. 80 x £1 shares were issued to the billionaire owner of Home Bargains, Tom Morris, the other 20 shares to Wanderers fan and local businessman, Michael James. PBP's business is described as 'Development of building projects'. Its funded by Tom Morris but Michael James has been the sole director since March 2016.

In 2016, PBP stepped in as the main cornerstone in the attempt to keep BWFC afloat by providing c.£6m for some of the car parks at the Reebok and lending another £5.5m on the security of the hotel. I think it safe to say that none of this would have happened without Michael persuading Tom to assist in the rescue.

You may know that Michael also personally purchased shares in FVWL as part of the deal with the Administrator in 2019 and helped fund staff wages in the period immediately prior to that.

Except for the money tied up with BWFC, PBP has done quite well especially in its last financial year. Tom's shareholding in PBP was transferred to T J Morris Holdings Ltd in November 2021.

The £5.5m has never been repaid and remains as a debt owed to PBP plus unpaid interest on the debt. The latest we know about the status of that loan is that, by 30 June 2020, unpaid interest amounted to £1,303,258 and that the interest would be waived in the event of a change of ownership or control of FVWL or the loan being repaid by 1 August 2022. I expect that this means that no interest has ever been paid.

Has there been a change in control of FVWL? We don't know because FVWL hasn't filed the document it should have filed by 24 January 2022.

https://find-and-update.company-informa ... ng-history

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Re: Statement of Capital

Post by Bruce Rioja » Wed Feb 09, 2022 3:29 pm

Thank you - greatly appreciated, Gudnib.
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Re: Statement of Capital

Post by Gudnib » Wed Feb 09, 2022 10:43 pm

Bruce Rioja wrote:
Wed Feb 09, 2022 3:29 pm
Thank you - greatly appreciated, Gudnib.
I've said before that the 8% issued to the government's agents in return for the £5million loan seems devoid of commercial reasoning and alarmingly unrealistic. Was it devised to ensure that Sharon remained in control of more than 50% of the shares and thereby control of the company?

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Re: Statement of Capital

Post by Gudnib » Thu Feb 10, 2022 8:34 am

There's plainly a stink going on over the activities of the British Business Bank. Keir Starmer referred to it at PMQs yesterday. We may not have heard the last of it.

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Re: Statement of Capital

Post by officer_dibble » Thu Feb 10, 2022 8:45 am

I think there were others in this loan to shares conversion, but we were the ‘biggest’? More press interest incoming then!

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Re: Statement of Capital

Post by Harry Genshaw » Thu Feb 10, 2022 9:36 am

Heaven forbid that this Government, of all Governments, fail to get value for money for the taxpayers.
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Re: Statement of Capital

Post by Gudnib » Sun Feb 13, 2022 12:57 pm

Still no sign of the missing shareholder info but Sharon's looking for more 'investment' according to Nixon. £5million isn't to be sniffed at but it never did seem enough.

https://www.thesun.co.uk/sport/17635151 ... ent-group/

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Re: Statement of Capital

Post by TANGODANCER » Sun Feb 13, 2022 8:20 pm

Bassini strikes again. Will football ever be rid of him?
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Re: Statement of Capital

Post by Gudnib » Mon Feb 14, 2022 8:59 am

officer_dibble wrote:
Thu Feb 10, 2022 8:45 am
I think there were others in this loan to shares conversion, but we were the ‘biggest’? More press interest incoming then!
At the last count there were 265 companies converting BBB loans between £1million and £5million into minority shares of doubtful value. 18 were in the North West.

Eight were in central Manchester, one in each of Liverpool, Altrincham, Warrington and Horwich and six at Alderley Park near Macclesfield, a particularly well-heeled part of the North West.

Nowt for any businesses between Horwich and Carlisle though. :conf: :conf: :conf:

Will the press catch up? You'd hope so but they don't seem to have caught up with FGR owner Dale Vince where the COVID loans were bigger than any of them. I wonder why not?

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Re: Statement of Capital

Post by sonicthewhite » Mon Feb 14, 2022 3:07 pm

Didn't know which thread to place this so here seemed as good as any. Swiss investment firm looking to buy in;

https://footballleagueworld.co.uk/poten ... nt-shared/
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Re: Statement of Capital

Post by Gudnib » Tue Feb 15, 2022 10:37 am

I had an unexpected surprise yesterday. No it wasn't a Valentine's Day card from Professor Claptrap; Dale Vince's Green Britain Group filed its 2021 accounts. They'd applied for and got a three months filing deadline extension but only used half of it.

CH wouldn't let me open the envelope until today but there's been some financial goings-on going on and its going to take some time to fathom them all out.

The good news is that Cousin Vinny only got £15million in COVID loans. Does that make him three times more savvy than Shazza? Not quite, these loans don't seem to be convertible to shares of little value. He still owns the lot. Poor Kate! :( :( :(

60-year old Vinny is looking pleased with himself though; he's had pink highlights put in his hair again to match a not-seen-before pink neck scarf. :roll:

Still no sign of MUCS Enterprises accounts or FVWL's statement of shareholders.

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Re: Statement of Capital

Post by Gudnib » Wed Feb 16, 2022 9:11 am

Things aren't always as they seem but, according to the Mail, Sunderland supporters are furious. Not about losing 6-0 to the Whites but about who owns the club.

https://www.dailymail.co.uk/sport/footb ... share.html

I expect Shazza's still in control at Bolton but why are FV still stalling on the detail?

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Re: Statement of Capital

Post by BWFC_Insane » Wed Feb 16, 2022 10:18 am

Gudnib wrote:
Wed Feb 16, 2022 9:11 am
Things aren't always as they seem but, according to the Mail, Sunderland supporters are furious. Not about losing 6-0 to the Whites but about who owns the club.

https://www.dailymail.co.uk/sport/footb ... share.html

I expect Shazza's still in control at Bolton but why are FV still stalling on the detail?
Stalling on what detail? They aren’t stalling. They just aren’t going to detail it ever. Like it or not.

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Re: Statement of Capital

Post by Gudnib » Wed Feb 16, 2022 10:34 am

BWFC_Insane wrote:
Wed Feb 16, 2022 10:18 am
Gudnib wrote:
Wed Feb 16, 2022 9:11 am
Things aren't always as they seem but, according to the Mail, Sunderland supporters are furious. Not about losing 6-0 to the Whites but about who owns the club.

https://www.dailymail.co.uk/sport/footb ... share.html

I expect Shazza's still in control at Bolton but why are FV still stalling on the detail?
Stalling on what detail? They aren’t stalling. They just aren’t going to detail it ever. Like it or not.
How old are you? Do you have any comprehension of company law or why it exists?

https://find-and-update.company-informa ... y/11761052

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