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 AGM Cup contenders ? Another club not paying it's creditors

Author Topic: AGM Cup contenders ? Another club not paying it's creditors  (Read 3835 times)

(S)ALTY

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AGM Cup contenders ? Another club not paying it's creditors
« on: April 27, 2011, 03:27:30 PM »

An interesting little spat between Kettering FC and it’s major sponsor ?…

From the Kettering FC website – Posted 24 April 2011

“Legal proceedings commence against DRC Locums

For several months Kettering Town has been chasing outstanding sponsorship fees from DRC Locums and its multi-millionaire Chairman "Dragon" James Caan.  This is despite the club already allowing DRC Locums to defer substantial payments for other sponsorship rights previously enjoyed until next season.

Despite a promise that payment would be made by 19th March 2011, Kettering Town have now been told that DRC Locums cannot afford to settle this debt until June 2011.  This seems odd, given the relatively small amount our football club is owed in comparison to DRC’s £5million a month payroll and James Caan's investment company Hamilton Bradshaw's very deep pockets.

DRC Locums’ refusal to make this payment has resulted in HMRC, players, staff, local businesses, connected families and other non league clubs not being paid.  Although our shareholders have over recent months injected large sums to try to minimise the effect, many innocent people and companies are being put through very testing circumstances as a result and many are now in dire situations.  All of this has been explained to James Caan on several occasions.

As a result a statutory demand preceeding a winding up order has been lodged against DRC Locums.

Following months of no progress, the instruction of legal firm Leathes Prior did at least result in a payment being made to the club and Kettering Town will be making part payment to creditors next week.  We thank everyone concerned for their patience.

We would encourage any creditor that cannot wait for full payment to contact DRC Locums’ Chairman James Caan directly on 0207 3996700 or CEO Jonathan Wright on 01908 545999 as there is no more the club can do at this stage”


From the DRC Locum website – Posted 25 April 2011

D. R. C. Locums Limited notes with regret the statement issued by Kettering Town Football Club late at night on Good Friday.
DRC has been a long standing supporter of non-league KTFC, sponsoring it to the tune of £600,000 per year, a substantial sum in sponsorship terms, since James Caan became Chairman of DRC. Unfortunately, due to the challenging economic circumstances affecting all businesses, which had seen DRC's profits fall by approximately 60% per year, DRC had to take action to reduce its costs but remained committed to supporting the club and trying to meet its remaining sponsorship obligations. With this in mind, DRC as a gesture of good faith made a payment of some £50,000 to the club on Thursday, and offered a committed payment plan in respect of the balance for payment in 2 instalments, the first in mid May and the final payment in early June. The club issued its press statement without further reference to DRC, so DRC can only infer that that offer to make payment of the necessary sums has been rejected by KTFC.

DRC feels that certain of the statements made in KTFC's statement warrant clarification on behalf of DRC to ensure that a misleading impression is not created. The oldest of the outstanding payments is from January of this year. The other sums relate to invoices for February and to last month. The oldest of the outstanding payments is from January of this year, which was due for payment on 2nd March. Aside from the financial issues referred to above, DRC had queried the VAT number on the invoices raised by KTFC which caused some concerns and had asked for correct invoices to be sent but had not received such correct, amended invoices at the time KTFC decided to make its press release.

As at the date of this statement, no statutory demand has been formally served on DRC”


And from the Kettering FC website posted on 26 April

“Kettering Town FC are forced to confirm several inaccuracies in the DRC Locums statement of 25th April 2011:
1.   The invoices including VAT number sent to DRC Locums are valid and do not prevent payment.
2.   DRC Locums have received the statutory demand preceeding a winding up order and confirmed receipt to our solicitor last week.
3.   DRC Locums owe Kettering Town FC more than £250,000 dating back to November 2009 (and have already agreed to future instalments for 60% of this amount), in addition to reneging on a further £225,000 of budgeted sponsorship payments.  The sponsorship figures quoted are deliberately misleading.  The club will not receive the figures quoted.
4.   The DRC payment plan was rejected last week by e-mail from our solicitor and in person with James Caan and Hamilton Bradshaw who control DRC Locums.  Accepting the payment plan from DRC Locums would mean stopping the lengthy statutory demand and winding up process, risking non payment again in the future and having to start the whole process again.  In addition the club has a large VAT liability from unpaid DRC invoices for the previous VAT quarter making it impossible to accept any payment plan, even if the club believed the commitment would be kept. HMRC have made it very clear that a payment plan is not acceptable.
The legal proceedings, press releases and rejection of the payment plan offered were the only options available to the club to ensure its survival.  DRC Locums have been made fully aware of the difficulties and given every opportunity to resolve the issue prior to our actions.
We hope that our next release on the matter is confirmation that payment has been made in full in order for several innocent individuals and companies affected to receive money they are currently being denied by DRC Locums non payment.”   


Looks like the AGM Cup could loom large ?
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PukkaPieman

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Re: AGM Cup contenders ? Another club not paying it's creditors
« Reply #1 on: April 27, 2011, 04:03:49 PM »

What I find astonishing is the level of money (600K pa) that Kettering were getting. It appears they wont be getting that next year, so it's no wonder Ladak wants economies! What still heard nothing about is the issue about their alleged lack of a suitable ground lease for the minimum period?

Regardless,....I wish Kettering every possible success on the field on Saturday ;) ;) ;)
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thegazelle

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Re: AGM Cup contenders ? Another club not paying it's creditors
« Reply #2 on: April 27, 2011, 04:15:14 PM »

i still owe 10 quid for fanfare at the lluton match please ask the club not to send me a winding up order! ! !!
Seiously we need to approach them we could give them more exposure for about a tenth of the cost but we would need cash up front
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(S)ALTY

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Re: AGM Cup contenders ? Another club not paying it's creditors
« Reply #3 on: April 27, 2011, 04:45:08 PM »

i still owe 10 quid for fanfare at the lluton match please ask the club not to send me a winding up order! ! !!
Seiously we need to approach them we could give them more exposure for about a tenth of the cost but we would need cash up front

You should be on Dragon's Den with a proposal like that !
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Darren

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Re: AGM Cup contenders ? Another club not paying it's creditors
« Reply #4 on: April 27, 2011, 06:20:51 PM »

i still owe 10 quid for fanfare at the lluton match please ask the club not to send me a winding up order! ! !!
Seiously we need to approach them we could give them more exposure for about a tenth of the cost but we would need cash up front

You should be on Dragon's Den with a proposal like that !

I owe a tenner as well i think the stewards are sponsoring this weekend fanfare or was it last ???
I will pay it on Saturday who do i give it to??
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@AltyDaz

thegazelle

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Re: AGM Cup contenders ? Another club not paying it's creditors
« Reply #5 on: April 27, 2011, 07:22:25 PM »

i'll ring james Caan and ask him , if the club give me the go ahead .
W e have nothing to lose in asking .

Would love to pitch it on drasgons den imagine the end of the presentation after putting a good case through. and the real reason its just not fair everyone else has got all this money and we haven't . but we've got the best fans back staff and pies. At this stage the ugly bitch jumps in and asks who maKES THE pies  we''ll buy them. Ah well there pte's reggae reggae pies and the recipe is a secret.
Sorry getting carried away again
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taxi Phil

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Re: AGM Cup contenders ? Another club not paying it's creditors
« Reply #6 on: April 27, 2011, 08:48:36 PM »

Who makes the pies ? Pukka ?

No, some other fukka !  ;D
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 AGM Cup contenders ? Another club not paying it's creditors