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.
Dave began working in the insolvency sector in 1997 and in 2005 became one of the country’s youngest insolvency practitioners, taking formal appointments at David Horner & Co.
Having assisted David Horner with growing his own practice, which was acquired by Begbies Traynor in 2007, Dave created Broadbents Business Recovery Services (in 2010) with Andrew Peace. Following rapid expansion during the following five years, their business was purchased by Begbies Traynor in March 2015.
Dave specialises in small- to medium-sized owner-managed businesses, using the experience and skills obtained from a number of years within the sector, as well as those gained from running his own company. Whether it’s a PAYE employee, a self-employed trader or a director of a limited company, Dave takes pride in being able to find a number of solutions to a wide range of problems.
Using skills honed in his brief time as a schoolteacher, Dave has also run a number of seminars in Yorkshire and the North East for individual firms of accountants and solicitors and for larger groups of professionals at their well-attended spring/autumn events.