Statement from Rob Sadler, partner at Begbies Traynor and joint administrator for Crawley Town Football Club.
“After four days of deliberations the Creditors' Committee has finally cast
its votes after considering the offer for the Club by the current owners, SA
Retail Limited. The offer would have seen football creditors paid in full
and an immediate dividend to unsecured creditors of approximately 15 pence
in the pound. As importantly, the offer would also have been a step closer
to ensuring the Club's survival in the Nationwide Conference.
“The Committee's view, by a majority of two to one with one abstention, was
that the offer should not be pursued. In a move, which is unusual in these
circumstances, the Committee listened to the fans who have urged that their
own Club be placed into Liquidation in order that a fresh start could be
made in a lower division.
“The Administrators are disappointed that their hard work in attempting to
save the Club whilst seeking the best return to creditors has ultimately
proved to be in vain, although they respect the decision of the Committee on
behalf of the creditors. They also wish to thank those at the Club and others
generally, who have worked with the Administrators over the past two months.
“The Administrators are now seeking offers for the Club's remaining assets.
At this stage, the only certainties are that the Club will not be in the
Nationwide Conference for the 2006/2007 season and that Crawley Town
Football & Social Club Limited will be wound up. If a reformed Club is to
rise from the ashes of Liquidation then it must move quickly to seek
admission into a league a minimum of two divisions lower than its current
placing, otherwise there will be no football at the Broadfield Stadium in
the forthcoming season.”
Bell Pottinger North
Information on Begbies Traynor can be accessed via the Group’s website at
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.