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Bolton Nuts » BWFC » Bolton Wanderers Banter » Latest BWFC Accounts - Year ended 30th June, 2020

Latest BWFC Accounts - Year ended 30th June, 2020

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luckyPeterpiper
Cajunboy
Feby
boltonbonce
Ten Bobsworth
Sluffy
BoltonTillIDie
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Sluffy

Sluffy
Admin

Ten Bobsworth wrote:
boltonbonce wrote:They're looking for a new hotel general manager. Maybe I should go for it. What could possibly go wrong?
I see that Swindle Town have got a new owner. He's an Aussie that says his business is turning over $200m a year. He's just appointed one of Swindle's ST board as CEO.

Clemente Giovanni Bruno Morfuni is also a director of a company called Swinton Reds 20 Ltd. The other director is Swindle Town's previous owner, Lee Power

I do hope that Shazza doesn't follow suit with this Hotel Manager job. Sluffy will know but doesn't one of the ST board own a pie shop?

Companies House says he does!

Bit of a jinxed company it seems though...!

I won't put the links up, I don't want any solicitors letters or owt like that but a former owner in 2013 was jailed for 10 years for raping one of the staff on the premises and  the next owners (I assume they were anyway without checking) sold up in 2018, following an armed robbery where staff were tied up and held hostage!

They say it comes in three's though!


Isn't it a bit odd that Swindon are owned by a company called Swinton!

Wonder if the previous owner had their eyes once on a certain northwest rugby club perhaps?

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Sluffy wrote:


Tango is really a relic from the past and isn't an authoritarian figure as such.

He can't manage people or has leadership qualities so his default position is to ban any newcomer that rocks the boat on that site - he will ban you because he simply doesn't know what else to do if people take against you on the public forum.

I also don't think he is not in the best of health these days and that the site is irrationally important to him (it's probably all he's got outside of his family) and will protect it in the best way he can.

He's no dictator as such.

He's never been a big fan of me since my brief time as a mod and was one of those objecting to a separate standalone mod section because he didn't want to upset his perceived mates in the clique who strongly objected to my attempted  removal of their interference with the honesty and integrity in the fair and equal running of the site to all.

All water under the bridge now of course.
I didn't imagine for one moment he was a 'dictator', Sluffy. I was just employing a bit of parody. I mean, you can't possibly take folk like that seriously, can you?
Heil Tango!  Laughing

Any road they all seem to be much of a muchness with next to nowt to offer in reasoned observation or argument.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Sluffy wrote:

Companies House says he does!

Bit of a jinxed company it seems though...!

I won't put the links up, I don't want any solicitors letters or owt like that but a former owner in 2013 was jailed for 10 years for raping one of the staff on the premises and  the next owners (I assume they were anyway without checking) sold up in 2018, following an armed robbery where staff were tied up and held hostage!

They say it comes in three's though!


Isn't it a bit odd that Swindon are owned by a company called Swinton!

Wonder if the previous owner had their eyes once on a certain northwest rugby club perhaps?
The Trial of the Unibol Four
Simple Simon met a pie man
At an ST do
The gang of four
Is now no more 
Cos its gone down to two

Swinton/Swindon? Who knows? 

Lee Power says he's Irish and lives in Switzerland. Wikipedia says he was born in Lewisham.

The other guy's an Aussie with an Italian name who for some reason has fallen head over heels for Swindon Town. Well you would, wouldn't you?

Sluffy

Sluffy
Admin

boltonbonce wrote:They're looking for a new hotel general manager. Maybe I should go for it. What could possibly go wrong?

I wondered what happened to the previous one who seemed to be rated so highly - her name being mentioned as Suzanne Speak so I did a quick google search for her and found that she is indeed highly rated and has been appointed as the General Manager for the two Manchester Radisson hotels back in February (according to her public profile).

A little bit about her here if anyone is interested -

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I've never met the lady but she must have gone through a difficult time at Bolton Whites over the last few years so good luck and all the best to her in her new (not so new now though) job.

luckyPeterpiper

luckyPeterpiper
Ivan Campo
Ivan Campo

Just as a matter of interest and because I don't really understand the complexities of the published accounts did we buy back the land that got sold a few years back? I'm not talking about the training ground, I seem to remember we either sold or rented out some car park land? Maybe I'm cracking up but could someone please enlighten me on this? Thanks

Sluffy

Sluffy
Admin

luckyPeterpiper wrote:Just as a matter of interest and because I don't really understand the complexities of the published accounts did we buy back the land that got sold a few years back? I'm not talking about the training ground, I seem to remember we either sold or rented out some car park land? Maybe I'm cracking up but could someone please enlighten me on this? Thanks

As far as I understood it Eddie sold off some of the car parks but had an option to buy them back at a later date in the future.

But Anderson took ownership of the club and the club simply didn't have the money to buy the sold bits of the car park back when the date fell due.

Iirc the people who bought the car parks were the company that owns the shopping development where the Reebok stadium is situated.

luckyPeterpiper

luckyPeterpiper
Ivan Campo
Ivan Campo

Thanks sluffy. I'm asking because I can't help wondering if FV might have the long term plan of selling the stadium itself perhaps for development (eg housing) as that might explain why they bought us to begin with. I suspect the land, especially if planning permission could be obtained would be worth a great deal more than the club and even leave enough over to relocate to a smaller less expensive stadium that more accurately reflects our status as a lower league club. I know, it's a very gloomy and hopefully impossible scenario but I'm really struggling to understand what FV's gameplan is here. They won't be able to make a profit here unless we get back into the Premier League and we don't appear to have anything like the money needed to obtain the personnel required to make that happen any time soon.

Sluffy

Sluffy
Admin

Thought this may interest you Bob...



...particularly that Companies House tells us Oliver Brittan resigned as a director in May last year?

I guess the award must relate to actual audited accounts for the tax year up the the beginning of April 2020 perhaps?

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Sluffy

Sluffy
Admin

luckyPeterpiper wrote:Thanks sluffy. I'm asking because I can't help wondering if FV might have the long term plan of selling the stadium itself perhaps for development (eg housing) as that might explain why they bought us to begin with. I suspect the land, especially if planning permission could be obtained would be worth a great deal more than the club and even leave enough over to relocate to a smaller less expensive stadium that more accurately reflects our status as a lower league club. I know, it's a very gloomy and hopefully impossible scenario but I'm really struggling to understand what FV's gameplan is here. They won't be able to make a profit here unless we get back into the Premier League and we don't appear to have anything like the money needed to obtain the personnel required to make that happen any time soon.

No Peter, whatever the master plan is - it isn't that.

The land simply wouldn't get planning permission for residential use, it is on a commercial site and wouldn't get change of use it would require.

On top of that didn't the land used to be a landfill tip - which I think would be classed as 'contaminated' which again precludes residential housing being built on it.

One view that was kindly put to me at the time of purchase was to build an annex on the car park land to increase the number of bedrooms - hence why the hotel was crucial to part of the deal to buy the club (they didn't want the club if they couldn't buy the hotel together).

At the time it was the only suggestion I heard the made any sense of what was going on.

However two years on, that clearly was not the plan at all!

I've no idea at all what plan does make any financial sense to buy the club and I can only assume (until further news comes to hand) that Sharron has a lot more money behind her than what we may think she had.

Whether that be hers or her family's (we have no idea if there is a Mr Sharon in the background somewhere (one of her son's uses a slightly different surname Iven-Brittan) or whether it is private backing from friends such as say Nick Mason of Pink Floyd fame?

Money certainly doesn't seem an issue - the Keith Hill period - players signed, was replaced with Kenyon and Phoenix period - players signed, - that was replaced in the January window with Evatt - players signed - and now the summer window - players signed!

Two of the players signed under Phoenix (Doyle and Sarce) were named in the PFL league team of the season just ended when they signed for us - and this summer we've signed Sheehan who was in the team of the season just gone - so their wages must be 'big' in terms of the league we are in.

And of course we paid £250k compensation to sign Evatt and are handing out two and three year contracts like confetti.

I've not a clue in business terms what the hell is going on - but everybody seems to be being paid, the club doesn't seem to be showing any financial distress and all seems happy at least on the surface - even the ST are happy!!!

It all seems to remind me of that saying about travelling hopefully...!!!

I can't say I'm particularly worried - just bemused as to what if anything the financial plan is - if indeed there is one and not simply a vanity project for Sharron (I don't mean that nastily but in the same way as it was for Eddie).

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Sluffy wrote:

As far as I understood it Eddie sold off some of the car parks but had an option to buy them back at a later date in the future.

But Anderson took ownership of the club and the club simply didn't have the money to buy the sold bits of the car park back when the date fell due.

Iirc the people who bought the car parks were the company that owns the shopping development where the Reebok stadium is situated.
Sorry Sluffy but the car park was sold to PBP. The fact that this is not well known demonstrates how hopeless the BN has been at elucidating any of the key facts.
PBP provided nearly £12million in 2016 to help the club’s survival. The Blumarble loan was £4million.

Sluffy

Sluffy
Admin

Ten Bobsworth wrote:Sorry Sluffy but the car park was sold to PBP. The fact that this is not well known demonstrates how hopeless the BN has been at elucidating any of the key facts.
PBP provided nearly £12million in 2016 to help the club’s survival. The Blumarble loan was £4million.

Ah, thanks Bob.

I was half right in a way - apparently the plan WAS to sell the car park to the owners of the Middlebook Retail Park but they could not reach a deal and PBP stepped in at the last minute.

Club statement
30 January 2016

Club complete second commercial transaction with PBP

Bolton Wanderers Football Club can confirm that it has completed a second commercial transaction with PBP Ltd.

The further agreement provides much-needed short term funding, extends and progresses the long leasehold interests and joint venture development concept over the Macron Stadium North Car Parks that the parties had first entered into last year.

PBP and the club now intend to bring forward detailed development proposals later in the Spring, although the whole project is expected to take a number of years.

The club had previously been in advanced discussions with Middlebrook Business Park Limited, but ultimately a deal could not be concluded.

[You must be registered and logged in to see this link.]

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Middlebrook Business Park Ltd is a dormant company in the Emerson Group, one of the UK's largest privately owned property development companies.

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Ken Anderson was asked about the Middlebrook Master Plan at Burnden Leisure's 2018 AGM, KA responding to the effect that there were four parties with an interest but there had been no progress to report. He only mentioned the Council by name iirc. I assume that the other three would be PBP, Emerson and the club.

Mike James is the sole director of PBP but its 80% owned by Tom Morris, owner of Home Bargains. PBP only produced abbreviated accounts in 2016 but it would seem that it was almost certainly Tom that provided the £6.2m to buy the car park and lend another £5.5m on security of the hotel. PBP owed Tom Morris £23m at the date of the last PBP balance sheet in 2020.

They've still had nowt to say on WW about the Wanderers financial position, as disclosed by the recent accounts, except for a reasonable but unanswered question by Mounts Kipper. Meanwhile the puffed up gang on TW has, mercifully, also fallen silent.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Sluffy wrote:Thought this may interest you Bob...



...particularly that Companies House tells us Oliver Brittan resigned as a director in May last year?

I guess the award must relate to actual audited accounts for the tax year up the the beginning of April 2020 perhaps?

[You must be registered and logged in to see this link.]
Thanks Sluffy 
I can’t say I’m a big fan of Dulux Brilliant White teeth but good luck to ‘em.
I’ll stick with Farrow and Ball slipper satin.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Btw, Sluffy, Sharon Brittan is a Trustee of the Michaela Community School in Wembley whose Headmistress and founder is Katherine Birbalsingh, the well-known education reformer.

The former chair of the Michaela School is Suella Braverman QC MP who was appointed Attorney General in February 2020 but is presently on maternity leave.

Sluffy

Sluffy
Admin

I'd seen previously that she was a trustee - maybe her kids went to school though at one time perhaps?

Anyway talking about the pie shop man earlier this caught my eye...

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Seems a generous offer on the face of it but I'd be concerned about a rather obvious conflict of interests to my way of thinking?

I wonder how many lucky 'winners' of the ST prize are friends (or clients or even family) of the sponsors?

I'm sure it would only be coincidence if there were.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Sluffy wrote:I'd seen previously that she was a trustee - maybe her kids went to school though at one time perhaps?

Anyway talking about the pie shop man earlier this caught my eye...

[You must be registered and logged in to see this image.]

[You must be registered and logged in to see this link.]

Seems a generous offer on the face of it but I'd be concerned about a rather obvious conflict of interests to my way of thinking?

I wonder how many lucky 'winners' of the ST prize are friends (or clients or even family) of the sponsors?

I'm sure it would only be coincidence if there were.

Sharon's two kids will have left school before the Michaela School was formed. Sharon seems to have been involved from the beginning initially under the name Sharon Iven Brittan. She dropped Iven from her name very soon afterwards.

Lets steer clear of the pie shop and kitchens, if you don't mind, Sluffy.

Sluffy

Sluffy
Admin

Ten Bobsworth wrote:Sharon's two kids will have left school before the Michaela School was formed. Sharon seems to have been involved from the beginning initially under the name Sharon Iven Brittan. She dropped Iven from her name very soon afterwards.

Lets steer clear of the pie shop and kitchens, if you don't mind, Sluffy.

You were the one who raised the pie shop but I'm happy to let it drop as I believe the ST has no relevance at all to anyone or anything and am completely gobsmacked why people ever thought it did - and continue to do so???

I believe Sharron has a young daughter as well as two sons.

I've no idea or interest if she happened to attend/attended there but I'm guessing there may simply have been some personal reason why Sharron is a trustee there and having a child attending (if she did?) might have been it.

Maybe there's no personal connection at all?

None of our business either way.

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

Sluffy wrote:

You were the one who raised the pie shop but I'm happy to let it drop as I believe the ST has no relevance at all to anyone or anything and am completely gobsmacked why people ever thought it did - and continue to do so???

I believe Sharron has a young daughter as well as two sons.

I've no idea or interest if she happened to attend/attended there but I'm guessing there may simply have been some personal reason why Sharron is a trustee there and having a child attending (if she did?) might have been it.

Maybe there's no personal connection at all?

None of our business either way.

You are right, Sluffy. Simple Simon met a pie man was just too good to miss though. Sorry if it seemed critical. It wasn't intended to be.

The Michaela School seems to have been founded in 2014. Sharon became a Trustee in 2013 which would suggest that her expertise and possible contacts led to her recruitment as a Trustee and someone who might be helpful in getting the much-vaunted project off the ground.

Don't you think that the ability, character, background and financial resources of BWFC's largest shareholder are of interest? I do. Not just Sharon though, I thought the same about previous owners too.

P.S. According to the bios of governors at Michaela School, Sharon has four children aged 6-20. I assume this must have been written eight years ago because the eldest, Toby, is now 28.

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Sluffy

Sluffy
Admin

I see one or two on WW have started to listen to what you say and judge you on that rather than the other clowns on there who clearly wished to judge you on the reputation you have been given by others across the various social media sites!

Even 'Worthy' is winding his neck in now - after all the abuse he threw at you too!

He doesn't seem to have put much thought in the question he's asked of you though?

If EDT had waived their £10m secured creditor status then everything being equal the purchase price (which let us say for argument until we know for certain, was £30m) would be £10m less.

There would then be much more interest to buy the club by others at £20m than there was at £30m (obviously!!!) and so competition would drive the price up beyond the £20m sum.

Isn't it therefore more sensible if you knew (or EDT had given you a broad hint) that it would be better to buy the business for £30m (and knowing that a chunk of that would be waived) than have the amount waived in advance and face competition from others - who might value the business say at £25m.

£30m purchase, then say £10m waived after purchase = £20m nett purchase to FV.

....compared with say £10m waived before purchase and competitors valuing the business at £25m and bidding up to that amount! = £25m (+£1) nett purchase to FV!

Tell me again how highly you rated him!

And on top of that EDT were paid something like (from the top of my head) £3m(?) including a promotion bonus - so, no, the charges did indeed have some intent in part at least to be recouped.

Seems if he spent less time abusing us and more time thinking things through a bit more he wouldn't be making such school boy errors.

As for another who abused you - Harry Genshaw - yet another unable to think things through!

Yes we might have had extra TV revenue for being in the PL longer than Wigan but we also had that many more seasons of PL player wages to pay and a number of PL player signings made as well!

We didn't continually trade at a loss for most years for no reason at all did we!

Best of luck over there with them Bob!

Ten Bobsworth


El Hadji Diouf
El Hadji Diouf

I got a reasonable question from Bruce Rioja, which was as nice as it was unusual, so I gave a reasoned response, Sluffy.

Probably best to stick with the facts. Play the ball not the man and all that, even if sometimes you might feel tempted to give their arse a good gritting Tommy Banks-style

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