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Bolton Nuts » BWFC » Bolton Wanderers News » How Bolton Wanderers' administrators charged £357 an hour to save club

How Bolton Wanderers' administrators charged £357 an hour to save club

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Sluffy

Sluffy
Admin
THE cost of rescuing Bolton Wanderers as a going concern could hit the £1million mark, according to a report released by administrators at the club.
It is currently estimated that the services of David Rubin and Partners, who were placed in charge of the club’s sale, and their associated consultants, will reach £976,113.

Administrators claim to have written off £20,761 in costs incurred prior to their appointment on May 13 but up to July 5 had racked up a bill of £560,951, at an average charge of £357 per hour.

It is claimed a total 1,570 man hours – or roughly 65-and-a-half days - have been expended by administrators in the report, with rates ranging between £150 per hour for cashiers and assistants to £550 for seniors or managing partners.

Fees will only be paid to the administrators at the end of the process, although a number of professional consultants have been paid monthly.
A monthly fee of £30,000 has been paid to Consulting Logistics, a company whose registered offices are in Billericay, Essex.

Among their directors is Keith Cousins, the former Rushden and Diamonds owner who was brought aboard to help with transfers and contracts. His correspondence address at Companies House is in Geneva, Switzerland.
According to the report, Consulting Logistics are due significant payments at the end of the sale process, which are currently estimated at £480,800.

It reads: “Consulting Logistics were selected as agents on the basis of their experience, expertise and knowledge in the football industry, and have been instrumental in the sale process thus far.

“The basis of Consulting Logistics’ fees has been agreed as a fixed monthly fee of £30,000 plus VAT for its services and percentage basis in respect to the following: “Two per cent of the gross realisation made in respect of the sale of the business and assets.
“Five per cent of the realisations made on player transfers.
“And five per cent of any financial savings negotiated upon the release of a player pursuant to the terms of the contract.”

The only outgoing sale thus far during administration has been that of midfielder, Luca Connell, to Celtic for a development fee reported to be around £250,000.

Other players, including goalkeeper Remi Matthews, midfielder Erhun Oztumer and striker Josh Magennis have all had a request to terminate their contracts blocked.

Cousins was name-checked in a players’ statement last week which was critical of the way the administration team had communicated with he coaching staff and dressing room.

It read: “During this period to date we have had no direct communications in any form from Mr Paul Appleton as to the current position regarding our situation or that of the football club.
“We have had limited dialogue with the advisor of the administrators, Mr Keith Cousins, but the information he has passed on has proved unsubstantiated.

“We are reliant on local press and social media for any updates on any progress made. This has obviously increased the frustration and anxiety the players are feeling.”

Joint administrator, Paul Appleton, responded last week: “The ongoing situation has been continuously explained to them by Phil Parkinson. My team and I have been in dialogue with him since the first day of the Administration.
“We have also spoken to various agents, the PFA and the LMA to keep them apprised of the situation.”

Administration costs of £342,766 have been racked up so far at the Bolton Whites Hotel, who are being run by insolvency firm Quantuma. They expect the eventual costs to hit £499,873. That means the costs of both the club and hotel will be £1,475,986.

https://www.theboltonnews.co.uk/sport/17792732.bolton-wanderers-administrators-charged-357-hour-save-club/

rammywhite

rammywhite
Frank Worthington
Frank Worthington
All very interesting Sluffy. But what's the connection between the content of the thread and the heading?
Are you saying that they're ripping us off , or just giving us information.
An average fee of £357 per hour for someone like Quantuma or Rubins isn't excessive
If you went to the magic circle of solicitors you'd find the fess are more like £1500 per hour for their top bods.

Sluffy

Sluffy
Admin
@rammywhite wrote:All very interesting Sluffy. But what's the connection between the content of the thread and the heading?
Are you saying that they're ripping us off , or just giving us information.
An average fee of £357 per hour for someone like Quantuma or Rubins isn't excessive
If you went to the magic circle of solicitors you'd find the fess are more like £1500 per hour for their top bods.

It was Iles heading, nothing to do with me.

He's clearly out of his depth on stuff like this.

I know what I charge for my services (no smutty remarks at the back of the class, thank you!) he seems oblivious to the corporate world and how it works.


I'll start a thread on Bury and how he thinks it will be the same for Bolton - he clearly doesn't understand that either.

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