Pure Legal reportedly go into Administration

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SfcFPA
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Re: Pure Legal reportedly go into Administration

Post by SfcFPA »

From the article I provided a link to:
In 2018 a change of company name resolution was passed whereby Pinewise Limited was renamed Southport Football Club Limited.
Revised Articles of association were issued a month later.
As the change of name can only take place by special resolution at an AGM (held on 11th July 2018), to safeguard against any potential trouble makers a new non-trading company was set up in the name of Southport Football Club Limited in May 2018. When eventually the name change was agreed, Pinewise Limited t/a Southport Football Club changed its name legally to Southport Football Club Limited at the same time that the new company, Southport Football Club Limited, changed it’s name to Pinewise Limited.
The Pinewise Limited that got struck off never traded so couldn't possibly be owed £75k. The only Pinewise Limited that traded, traded as Southport Football Club, and this was the one that was legally renamed Southport Football Club Limited.

And technically what I quoted in the article is actually slightly incorrect so needs updating really. The AGM at which the resolution was passed was held on 4/6/18 at the Ramada Hotel, it just wasn't filed at CH until 11th July.
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Ralphy Rylance
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Re: Pure Legal reportedly go into Administration

Post by Ralphy Rylance »

Sandgrounder SE wrote: Mon Nov 22, 2021 9:42 pm The £75k is what? Promises re sponsorship?
Presumably so. 3rd year of the naming rights perhaps? If so that's a big annual sum to try and match with another sponsor.
What amazes me is how Phil managed to take over a club the size of Huddersfield. I would have thought that would have taken many tens of millions at least.
https://www.examinerlive.co.uk/sport/fo ... l-21601515
£5million for a 75% stake.
Though there's the small matter of HTFC owing £34million in loans to the previous chairman.
We are the nutters, we come from the sea.
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YTT
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Re: Pure Legal reportedly go into Administration

Post by YTT »

Ralphy Rylance wrote: Tue Nov 23, 2021 11:11 am
Sandgrounder SE wrote: Mon Nov 22, 2021 9:42 pm The £75k is what? Promises re sponsorship?
Presumably so. 3rd year of the naming rights perhaps? If so that's a big annual sum to try and match with another sponsor.
What amazes me is how Phil managed to take over a club the size of Huddersfield. I would have thought that would have taken many tens of millions at least.
https://www.examinerlive.co.uk/sport/fo ... l-21601515
£5million for a 75% stake.
Though there's the small matter of HTFC owing £34million in loans to the previous chairman.
£2.5m of that deferred and in essence he’s been using the premier league parachute payments of £90m to pay off the previous chairman’s £50m loan to the club, whilst ironically reducing the wage bill and op expenses.

He left the building at Huddersfield some weeks ago and previous Chairman will regain control by default and Huddersfield is back up for sale.

It all makes sense now as SFC have been prudently cautious and guess the board (given relationship personal and professional) would have had some insight and foresight of this as it’s been rumbling on since Jan last last year and furthermore in May when creditors were auditing and serving breach notices.

Hope we find a new Sponsor but can’t see it being anywhere near that level and difficult in current climate of marketing budgets being slashed etc.
Sam
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Re: Pure Legal reportedly go into Administration

Post by Sam »

£75,000 is definitely a lot to lose, but you get the impression we've been trying to ween ourselves off Phil for a while so hopefully it wont be horrific news.

https://twitter.com/NeilFLiversidge/sta ... 3664355334

Just searching for anything PH related always makes uncomfortable reading. Perhaps moving over the HT was the best thing for us in the long term.
Last edited by Sam on Tue Nov 23, 2021 12:20 pm, edited 1 time in total.
Ste_B
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Re: Pure Legal reportedly go into Administration

Post by Ste_B »

The club is in capable hands. I don’t believe we will have budgeted to have this money this season, and so any sponsorship deal to come puts us in a better position than the current offering.
couille du chien
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Re: Pure Legal reportedly go into Administration

Post by couille du chien »

I’d think redrobe knows the legal shit
Paulisi
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Re: Pure Legal reportedly go into Administration

Post by Paulisi »

Podcast must be due shortly on the financial situation at the club.
I believe we are back or close to break even, but Phil's excess spending nearly sent us bust.
Port on the Kent
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Re: Pure Legal reportedly go into Administration

Post by Port on the Kent »

Attendances of 686 will not help matters.
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