Port Vale (Valiant 2001) Football Club Limited (04669703): administration
- Status
- Administration ended
- Administration began
- 2012-03-09
- Administrators
- Robert Michael Young, Gerald Maurice Krasner, Steven John Currie
- Administrators' firm
- Currie Young
- Formerly
- Kelvin Green Limited
- Incorporated
- 2003-02-18
- Location
- Stoke on Trent
- Industry
- 9261
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Towards the end of 2011 the Company began to suffer cash flow difficultes Financial forecasts were prepared for the directors of the Company, who at the time were Michael Lloyd, Perry Deakin, Glenn Oliver and Peter Miller and these showed that there was a major need for capital investment into the Company, without which the Company would struggle to continue to trade
Vanous potential investors were approached by the directors, however no offers of funding were completed despite interest from a number of parties By January 2012 the situation was critical The Company was unable to meet its VAT and PAYE habilities as a result of which the Football League placed a transfer embargo on the Club
In February 2012 the Company missed loan repayments to the first mortgagee, Stoke on Trent City Council Also, the February payroll was missed leaving all staff unpaid for the month On 23 February 2012, Peter Miller resigned from his position as a director of the Company which left the Board of directors inquorate and unable to pass any resolutions
Administrators' statement of proposals (2012-04-20) · Companies House register