Confidential Advice Line: 0800 063 9221

Administration Deal Saves Historic Yorkshire Rugby League Club

Administration

| December 18th 2009

More News by Rob Sadler

The future of Keighley Cougars RLFC has been secured thanks to an administration deal negotiated by business rescue, recovery and restructuring specialist, Begbies Traynor.

Known as ‘the pride of Keighley’, the 133 year old club faced a winding up petition from HMRC for a debt of £183,000 which had built up over the last few years. When attempts by the club and the Rugby League failed to secure a repayment agreement with the Crown, and efforts to secure funding also failed, the company faced being wound up or placed in to administration.

On 18th December Rob Sadler and Gary Lee of Begbies Traynor, were appointed joint administrators and immediately secured a sale of the business and assets to a consortium of local businessmen who are fans of the club. As well as saving the club, the deal has secured the future of the playing squad and staff at the ground.

Joint administrator Gary Lee of Begbies Traynor, said: “This is a great outcome for the club and the town and means that this important amenity for the local community will survive as well as safeguarding the jobs of the players and staff at Cougar Park.

“Local people have rallied to save the club and this is the best possible outcome for all parties – the club will continue and the not for profit organisation has agreed to re-pay a proportion of any surplus over the next five years.”

The semi-professional rugby league team plays in the Co-op Championship and enjoyed a successful season last year. Based at Cougar Park on Hard Ings Road, its grounds can accommodate 7,800 people.


About the author

Rob Sadler

Partner

Meet our Team of Experts

Rob, a member of the Association of Business Recovery Professionals and licensed by the Insolvency Practitioners Association, joined Begbies Traynor in 2001. He has experience of all aspects of corporate and personal insolvency.

47 Regional UK Offices

Find your local Begbies Traynor office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Advice for businesses on EBTs after HMRC Supreme Court victory
Begbies Traynor currently advising numerous businesses
HMRC sends out follower notices to reclaim tax lost to Employee Benefit Trusts
Find out more →
 
Open Banking to Reshape the Alternative Finance Sector
CMA mandates the adoption of Open Banking by early 2018
Will see alternative lenders competing on a level playing field with dominant banks
Read more →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor team

or Find your Nearest Office
Processing...