Administrators appointed at Farnborough Town

Joint statement on behalf of the directors of Farnborough Town Football And Social Club Limited and the Joint Administrators


On 29 July 2006 a High Court Judge in London made an Administration Order in respect of Farnborough Town Football And Social Club Limited (“the Club”) appointing Ian Rose and Bob Young of Begbies Traynor, Stoke on Trent as Joint Administrators.

Ian Rose commented: “Whilst this is obviously a sad day for the Club, the only alternative to administration was liquidation, which would have meant the Club ceasing to exist. As far as the Directors were concerned liquidation was not an option and they remain of the view that petitioning for administration was the only course available to the Club.

“Administration will provide a breathing space and a platform to enable the Administrators to explore every available option for the long-term survival of the Club. On a positive note it is very much business as usual at the Club, whilst the Joint Administrators are responsible for the trading activities of the Club we do not intend making any changes to the current management structure or any redundancies.

“The first effect of the Administration Order is to cause the dismissal of the winding up petition issued by the Inland Revenue. The Inland Revenue, along with all other unsecured Creditors of the Club, can take no steps to recover any existing indebtedness whilst the Club remains in administration. Administration cannot continue indefinitely and the hard work must now begin to achieve an outcome that is acceptable to all interested parties. Achieving such an outcome will only be possible with a great deal of effort and continued support from everyone involved but ultimately this will only be successful if someone comes forward who is prepared to inject their own money into the Club. Once again we would appeal for anyone who has an interest in seeing the Club survive, and has the funds available, to come forward and make themselves known either to the Directors or the Joint Administrators.

“One other effect of administration is the imposition of sanctions by the Football League and Football Conference and the automatic deduction of 10 points.

“Whilst strenuous efforts are going to be made behind the scenes to achieve the survival of the Club the administration can only continue whilst the Club’s income is sufficient to cover its outgoings. We would therefore ask all supporters to continue attending all games in as many numbers as possible to ensure sufficient cash flow during the administration.

“The Directors would like to repeat their thanks to all those people who have provided support and assistance during these difficult times and they hope that support and assistance will continue.”

Ends
For further information, please contact: Ian Rose at Begbies Traynor, The Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent, Staffordshire, ST3 6HP, Telephone: 01782 394500, Facsimile: 01782 395200, Email: ian.rose@begbies-traynor.com

Notes to editors

About Begbies Traynor

The Group specialises in corporate insolvency management, offering expertise in administrative, receivership and liquidation services as well as personal insolvency management including individual voluntary arrangements. It also offers services in the fields of corporate rescue and forensic investigation and is seeking to enter the field of corporate finance by acquisition. The Group has grown to its current network of 31 nationwide offices ranging from Scotland to the South West of England, with over 400 operatives. The Group intends to pursue a strategy of organic development, coupled with the acquisition of specialist knowledge of both individuals and firms, to further increase its scope and range of 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. They have already handled a number of successful Administrations of football clubs including Wrexham and Port Vale.

The Office Network

The Group operates with 57 licensed insolvency appointment takers, some 250 fee earning staff and 100 in support and administration. In total the Group operates from some 31 locations of which five are regional offices, a further eight are full offices and ten are satellites.

Business Activities

The core business of the Group is the formal administration of insolvencies including receiverships, liquidations, administrations, company voluntary arrangements and personal insolvencies. The Group has recently extended its activities into a range of consultancy services including corporate rescue, credit management and forensic and investigation services.

Full details can be found on: http://www.begbies-traynor.com