BT 43 06
26 July 2006
Corporate rescue specialists, Begbies Traynor, are today looking for a buyer for the troubled Nationwide Conference club, Crawley Town.
The club was placed in administration on 5 June 2006. At a creditors meeting on 25 July, the required majority of creditors did not support the Company Voluntary Arrangement (CVA). As a result, the club is now up for sale and the administrators have requested that all interested parties contact them immediately.
Rob Sadler, partner at Begbies Traynor, comments: "We were disappointed that the CVA was not supported by the majority of creditors, despite it being the best possible financial outcome for the them.
"We will now be attempting to sell the club and are inviting offers from interested parties. Time is of the essence and if a sale is not agreed before the new season starts, then the club may have to close.
"We will be working hard to try to ensure this doesn't happen but we do need a purchaser to come forward with a serious offer. Even if sold, the club may face further sanctions from the FA, including relegation from the Nationwide Conference."
Bell Pottinger North
Information on Begbies Traynor can be accessed via the Group's website at: http://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.
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.