fernandopartridge
Well-Known Member
Website hosting?
Website hosting?How the hell can you owe 10k to amazon !
Well not really as the debt would be to the credit card company. They've just not paid invoices.Basically, it looks like they were just maxing out their businesses credit cards.
Quite a lot of Birmingham based companies providing standard services so I reckon you're rightThe thing is, they owe multiple companies that do the same thing. There's a few different sign companies for example.
Must have been told no more work and then gone onto another.
No they won't, Wasps Finance was just the conduit for the bond money nothing else. The £29m represents the gap between the £6m or so the bondholders are getting and the debt.What annoys me most is that the biggest creditor is themselves (or Wasps Finance PLC officially) to the sum of almost £29,000,000. So even after Wasps have shafted all the other creditors, if there's any payout from the admin, they'll still get some money back.
No they won't, Wasps Finance was just the conduit for the bond money nothing else. The £29m represents the gap between the £6m or so the bondholders are getting and the debt.
that can't be his real account, someone taking the piss surely.More taxpayer cash down the drain. Maton reading the room well
sure someone with a connection to Wasps mentioned they were getting consultants in to do work knowing perfectly well there was no money to pay themThe sheer number of unsecured creditors is massive, the directors should be in trouble really as it is obvious they were insolvent.
Chief I think they have been very insolent !sure someone with a connection to Wasps mentioned they were getting consultants in to do work knowing perfectly well there was no money to pay them
to me it seems they were trading insolently but I doubt its enough for any action to be taken
Money owed to the ambulance services.
Fucking pricks.
I bet that's not their fault?
There's a few different pitch related companies.85k owed to the people that installed the pitch.
There are multiple energy supplies listed. Did they just not pay a bill and then move to a new supplier
There's a few different pitch related companies.
Website hosting?
Covid.
from wasps forum.....
"Covid crapped on all our planned multiple income streams. It is impossible to guess, but if the pandemic and associated lockdowns didn't happen, would our future have been different? I believe the answer to that is a resounding YES."
from wasps forum.....
"Covid crapped on all our planned multiple income streams. It is impossible to guess, but if the pandemic and associated lockdowns didn't happen, would our future have been different? I believe the answer to that is a resounding YES."
But how much Government and RFU support did they get? Never mentioned!I mean tbf it is undoubtedly true that covid impacted Wasps' cashflow to a significant extent, but the underlying debt against the unrealistic projections were going to bite at some point. Covid brought it forward maybe but offset against CCFC returning to the Arena in 2021 with average gates at a level twice what they were 2014-2019.
At what point is it illegal when you are getting stuff on credit knowing full well the company is fucked and going to go under?
from wasps forum.....
"Covid crapped on all our planned multiple income streams. It is impossible to guess, but if the pandemic and associated lockdowns didn't happen, would our future have been different? I believe the answer to that is a resounding YES."
Haha, delusional aren't they?
Did Compass "waive" or was there not enough from the Asset sale. Their charge recognises the BH charge takes prioritymy take on it
I cant help thinking that the presentation is overly complex because you have to be careful what you are looking at and which company it refers to. Also why have a joint report at all. They chose to do it that way
The administrators have correctly treated each company as stand alone then lumped them all together in one report why?. Easy to miss things
The effect of treating each as stand alone is that both ACL companies are liable for the full amount outstanding on the charges from bondholders & Compass. If you wanted to calculate the overall deficit for the ACL sub group you would only include those charges once.
Also the inter company group balances appear to me to have been created to some degree. Why didnt wasps finance lend the money directly to ACL not put it through wasps holdings?
I cant help wondering if the priority of the group was to keep the deficit as low as possible on the rugby side and not have the group cash flow to pay ACL sub group liabilities. Cant tell so its not a claim or accusation. By keeping the liabilities on the rugby club low then it allows a picture of a solventish club hard hit by Covid and dragged down by the stadium
Question now that ACL group has cleared the bond by 18% Compass waived their charge does that mean wasps rugby are effectively off the hook ?
I am sure there is a lot i am not picking up on. It all doesnt feel right to me some how
Did Compass "waive" or was there not enough from the Asset sale. Their charge recognises the BH charge takes priority
Doesn't acount the millions required for urgent maintaining.Valuations are interesting, £24-35m without WRFC but presumably including CCFC. Yet Ashley got it for £16m.
Did Compass "waive" or was there not enough from the Asset sale. Their charge recognises the BH charge takes priority
Same multiple streams as they had access to in the non-COVID years? The Sport England money stopped them going under during COVID. At no stage had they put themselves in a position to repay the bond.from wasps forum.....
"Covid crapped on all our planned multiple income streams. It is impossible to guess, but if the pandemic and associated lockdowns didn't happen, would our future have been different? I believe the answer to that is a resounding YES."
I mean we all said at the time, to find profit growth beyond the value of the interest payments was unrealistic, thankfully Mary Mungo Midge told us all how brilliant Nick Eastwood was so we were wrong.Same multiple streams as they had access to in the non-COVID years? The Sport England money stopped them going under during COVID. At no stage had they put themselves in a position to repay the bond.
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