DazzleTommyDazzle
Well-Known Member
I thought I'd share a letter that I'm sending to Companies House:
Dear Sir or Madam,
For some time I have been attempting to obtain financial information on:
· Coventry City Football Club Limited – Company number 03056875 and
· Coventry City Football Club (Holdings) Limited – Company number 00094305.
I have been unable to do this as both companies have failed to file their accounts by the dates set out in law. Both sets of accounts were due to be filed by the latest date of 28th February 2013.
Recently, Coventry City Football Club Limited (“CCFC Ltd”) was put into administration by Coventry City Football Club (Holdings) Limited (“Holdings”). When this happened, Holdings stated that CCFC Ltd was a non-trading subsidiary. This came as something of a surprise since the last filed set of CCFC Ltd accounts (year to 31st May 2011, signed 16th June 2012) showed this company to be trading as a football club, with turnover of £10.3m. Additionally, the Directors’ Report made no mention of such a significant change in the company’s activities. Public statements by the Board of Holdings have claimed that the trade of CCFC Ltd has been transferred to Holdings.
CCFC Ltd has been reported by the administrator as having debts in excess of £60m. The chance of external creditors of CCFC Ltd being able to secure any material recovery is obviously hugely reduced when the trade of the company appears to have been transferred to Holdings. Had the accounts of CCFC Ltd (or indeed, Holdings) been filed within the legal deadline, creditors of the company and other interested parties would have been alerted to this development. In my view, the late filing of the accounts has thus had a material impact.
According to the most recent Annual Return, the Directors of Holdings are Timothy Fisher and Mark Labovitch – John Clarke is also noted, but his appointment was terminated on 14th March 2013.
According to the most recent Annual Return, the Director of CCFC Ltd prior to administration was Timothy Fisher – Onye Igwe is also noted, but his appointment was terminated on 21st September 2012.
The owner of the ordinary share capital of Holdings is Otium Entertainment Group Limited (“Otium”). I understand that Timothy Fisher and Mark Labovitch are Directors of Otium. Otium’s first set of accounts were due to be filed by 21st January 2013. They have not yet been filed. You may be noticing something of a pattern here! I believe that if you check your records, you will find that Holdings and CCFC Ltd have breached filing deadlines in previous years as well.
Given the above, together with the high level of interest, that you will understand, there is in the affairs of a football club, I would be grateful if you could reassure me that all possible measures are being taken to ensure that the Directors of Holdings comply with their statutory duties.
Yours faithfully,
Dear Sir or Madam,
For some time I have been attempting to obtain financial information on:
· Coventry City Football Club Limited – Company number 03056875 and
· Coventry City Football Club (Holdings) Limited – Company number 00094305.
I have been unable to do this as both companies have failed to file their accounts by the dates set out in law. Both sets of accounts were due to be filed by the latest date of 28th February 2013.
Recently, Coventry City Football Club Limited (“CCFC Ltd”) was put into administration by Coventry City Football Club (Holdings) Limited (“Holdings”). When this happened, Holdings stated that CCFC Ltd was a non-trading subsidiary. This came as something of a surprise since the last filed set of CCFC Ltd accounts (year to 31st May 2011, signed 16th June 2012) showed this company to be trading as a football club, with turnover of £10.3m. Additionally, the Directors’ Report made no mention of such a significant change in the company’s activities. Public statements by the Board of Holdings have claimed that the trade of CCFC Ltd has been transferred to Holdings.
CCFC Ltd has been reported by the administrator as having debts in excess of £60m. The chance of external creditors of CCFC Ltd being able to secure any material recovery is obviously hugely reduced when the trade of the company appears to have been transferred to Holdings. Had the accounts of CCFC Ltd (or indeed, Holdings) been filed within the legal deadline, creditors of the company and other interested parties would have been alerted to this development. In my view, the late filing of the accounts has thus had a material impact.
According to the most recent Annual Return, the Directors of Holdings are Timothy Fisher and Mark Labovitch – John Clarke is also noted, but his appointment was terminated on 14th March 2013.
According to the most recent Annual Return, the Director of CCFC Ltd prior to administration was Timothy Fisher – Onye Igwe is also noted, but his appointment was terminated on 21st September 2012.
The owner of the ordinary share capital of Holdings is Otium Entertainment Group Limited (“Otium”). I understand that Timothy Fisher and Mark Labovitch are Directors of Otium. Otium’s first set of accounts were due to be filed by 21st January 2013. They have not yet been filed. You may be noticing something of a pattern here! I believe that if you check your records, you will find that Holdings and CCFC Ltd have breached filing deadlines in previous years as well.
Given the above, together with the high level of interest, that you will understand, there is in the affairs of a football club, I would be grateful if you could reassure me that all possible measures are being taken to ensure that the Directors of Holdings comply with their statutory duties.
Yours faithfully,
