Time To Sell Up?

Speaking to the Bournemouth Evening Echo (click the link for the full interview) Peter describes the fact that the club is close to closing NOW given that the Inland Revenue could serve a Winding Up Order due to an unpaid bill of £500k, plus substantial further funds to pay off other aggresive creditors. He is quoted as saying: "On the one hand, we're very close to the edge now. It is no secret that we've fought off these creditors month after month and year after year, but it's reached the point where we can't do it any longer. The irony is that the club has been transformed in many ways and we're in a much better position to do this deal than we were three years ago. Supporters have short memories, but three years ago there was little retail income, no Top Floor restaurant, no conference business, no South Stand, no Playershare, restricted capacity, minimal involvement in the community, and of course, third division football and low gates. Now gates are up, commercial income is at record levels and we have pretty well eliminated the huge operating losses. Just as importantly, everyone close to the club knows that we can do far better with good management and a bit of relief from the constant cashflow pressures. If we complete the refinancing, running this club will still be a huge challenge, but if we all work together, we can succeed. This deal is a real opportunity for us. This deal gives us the chance to get rid of well over £4m of debt at a stroke. Some of our creditors, like the Inland Revenue, are extremely dangerous and legal action against us is imminent".