Breaking News RM Speaks..

[grassroots]

Methinks Mr Martin sails rather close to the wind.

 

[Matt the Shrimp]

Can someone help - why on the 21st May, were Roots Hall Limited mentioned in the London Gazette?

http://www.london-gazette.co.uk/issues/822062/supplements/342

Possibly belt & braces - SUFC are also mentioned too:

http://www.london-gazette.co.uk/issues/822062/supplements/364

HMRC know that SUFC is, at the moment, little more than a shell company with few tangible assets. The main assets reside with RHL. That being so, they may well have some form of cross-indemnity for their tax liability from RHL, bearing in mind that any IOU from SUFC is barely worth the paper it's printed on.

Worringly, perhaps, SUFC's only obvious asset - one which is (a) priceless and (b) without value, both at the same time - is its place in the Football League.

Matt

 

[Suffolk Blue]

The only reason RHL and SUFC are mentioned in the London Gazzette is because documents were received by the Registrar for Companies House. In this case the company accounts.

 

[Reg Martin]

supporting southend wouldn't be the same without these regular crises to worry about.
will probably turn out to be another storm in a tea cup.
i'm already looking forward to the next one - the rumour oop norf is that dervite is having a trial with hartlepool.

 

[Medway Blue]

My thoughts are that I'm a touch worried. I'm not a criticiser of RM but ieven I can see that the very fact this has happened smacks of financial mis-management. When you're a football club, its imperative that you pay off the people who could put you out of business before you even THINK about doing anything else, and that includes buying players. I'm pretty shocked that the club have let the sum to be paid grow o such an extent and I can only hope that its sorted out before it gets any worse.

 

[Chaz SUFC]

supporting southend wouldn't be the same without these regular crises to worry about.
will probably turn out to be another storm in a tea cup.
i'm already looking forward to the next one - the rumour oop norf is that dervite is having a trial with hartlepool.

Spurs are close to agreeing a deal with Lille for Devitte so I very much doubt he'd be on his way to Hartlepool.

 

[united we stand]

My thoughts are that I'm a touch worried. I'm not a criticiser of RM but ieven I can see that the very fact this has happened smacks of financial mis-management. When you're a football club, its imperative that you pay off the people who could put you out of business before you even THINK about doing anything else, and that includes buying players. I'm pretty shocked that the club have let the sum to be paid grow o such an extent and I can only hope that its sorted out before it gets any worse.

James
You are quite correct IMO , but I think thre is another way of looking at this
Ron knew this was going to happen and has been in discussions with HMRC. He therefore knows that they are not really going to try and out us out of business . Therefore he is stringling out paying off the debt as per Football league recommendations

In other words he is following your exact logic, only he has more facts than we do.

Anyway thats what I hope/believe.

 

[Pennyfather]

Of course the issuing of a winding up petition is bound to set the panic button in to action. However, you have to bear in mind that the process for the petition would have started prior to the agreement reached with the FL. This will have to be taken in to account when negotiating settlement of the debt.

Therefore, I believe that negotiations will be favourable whereby time will be given to repay. The petition will be adjourned to ensure that the debt is serviced in terms of any agreement reached. So if the club repays the debt in the agreed terms the panic button can be reduced but the problem will not go away until the debt is repaid.

As for the earlier comment regarding the comparison to our debt to Accrington is pointless as I would imagine that our wage bill is significantly higher based on the the wages being paid whilst the debt has built up.

Yes I am concerned but our club is no different in this situation to a majority of the others. Football is a high expense business after all.

 

[fredheim_holm]

So is this a 'petition' to wind up RHL and in effect SUFC?

 

[THE SEVENTIES NORTH BANK]

As much as I hate to say it now might be the time to start accepting thse seven figure bids for Osei Sankofa.

I also think we should take any bid over 100,000 for kit man, sorry guy's, but the club comes first.

 

[Andyhsufc]

I just don't see how we are going to be able to afford to build a new stadium if we can't even settle our tax bills on time. Ron talks about all the new revenue streams that are going to be created with the new stadium but a lot of them won't appear overnight whereas loan repayments etc will.

 

[Spartan]

Unpaid tax bills,credit crunch,lack of player investments,work on the new stadium is suppose to be granted THIS SUMMER.

Anyone got that nasty Feeling "ALARM BELLS" ???????????


Your Ron is no sugar daddy is he?

 

[Andyhsufc]

Unpaid tax bills,credit crunch,lack of player investments,work on the new stadium is suppose to be granted THIS SUMMER.

Anyone got that nasty Feeling "ALARM BELLS" ???????????


Your Ron is no sugar daddy is he?

I would admit that some very quiet alarm bells may be ringing at the moment concerning Uncle Ron. However, with Tilson at the helm, I am sure we will do as well as you do this season and that is without spending lots of money which has to be paid back in the future.

 

[Interpol Shrimper]

Unpaid tax bills,credit crunch,lack of player investments,work on the new stadium is suppose to be granted THIS SUMMER.

Anyone got that nasty Feeling "ALARM BELLS" ???????????


Your Ron is no sugar daddy is he?

Who asked you, Mr Mince? :headbang:

 

[Che's Left Foot]

Unpaid tax bills,credit crunch,lack of player investments,work on the new stadium is suppose to be granted THIS SUMMER.

Anyone got that nasty Feeling "ALARM BELLS" ???????????


Your Ron is no sugar daddy is he?

And neither is yours. Bloom is providing your stadium finance as a £80m loan, which your club will also have to pay back at some point.

And enjoy Ricketts while you're at it. I'm off to buy some shares in your Withdean burger vans. Now jog on.

 

[bomma77]

Can someone help - why on the 21st May, were Roots Hall Limited mentioned in the London Gazette?

http://www.london-gazette.co.uk/issues/822062/supplements/342

Page 364 as well

 

[bomma77]

Page 269 Martin Dawn PLC is stated, isn't that RMs company?

 

[Yorkshire Blue]

Almost seems preemptive... in a "You'll probably see this soon, but it's best you believe me... honest" tone. Whether or not it's as plain and simple as RM indicated I don't know, but it can't be good to see this action taken, coupled with stories of the club baulking at nominal fees for potential signings.

I've always backed RM to the hilt, and will continue to as he's always been savvy with business in this sense. My faith will be brought into question however if, come August, we're still refusing to pay fees for players and it hinders our attempts.

I'm not sure authorising the spending splurge on the likes of Peter Clarke, Steve Hammell and Simon Francis, when we got promoted to the championship, can in anyway count as financially savvy, nor authorising the signing of Richie Foran, at a time when we were really struggling to maintain our position in the championship.

I just don't see how we are going to be able to afford to build a new stadium if we can't even settle our tax bills on time. Ron talks about all the new revenue streams that are going to be created with the new stadium but a lot of them won't appear overnight whereas loan repayments etc will.

Surely that depends on how the loan agreement is structured? If it is a bullet loan then it won't be issue.

 

[Hotman]

As RM states, the same thing happened last year and I suspect this is how a lot of clubs in the lower divisions have to operate, and even more so in today's current economic climate, than they perhaps would of a few years ago.

It is slightly worrying but I keep reminding myself that RM has an enormous amount at stake both proffesionally and personally tied up in the future of Southend United and I would hope that this situation is, to a certain extent, not worth fretting over....................................................................................yet!

not worth fretting over ??!

Do you not realise how many departments tax bills go through (even small £500 ones) before a winding up petition is made?

In my experience a typical business would have ample opportunity to have arranged "time to pay" scheme with hmrc before a petition is filed.

Firstly the club accountant should have been aware of the debt (presumably PAYE / NI as the club is lossmaking) on a monthly basis.

They would then get regular reminders, followed by red reminders

Then a call from the debt management unit

And another... etc...

And then these proceedings would take place - often far later than the time you'd have an opportunity to sort it (if you are financially able to)

 

[Hotman]

Page 269 Martin Dawn PLC is stated, isn't that RMs company?

Interestingly, Geoff King has just been appointed a director there. didn't know that relationship spread beyond SUFC