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Monday, 23 January 2012

Swansea City FC saved by a CVA 9 years ago.

Swansea City has been in the news recently as they beat Arsenal in the Premier League 3-2.  Quite an achievement when you consider that, exactly 9 years ago, they were bottom and Arsenal were top of the entire 92-team football league.  What also happened 9 years ago was the club went into a CVA or more commonly called a company voluntary arrangement.  The total debts of the club amounted to £1.7m a huge amount for a small club at the time.  The CVA was approved by 92% of the creditors.  Prior to the CVA it looked like the club would go into liquidation.

The club was sold to a group of local businessmen who set about changing the management and supporting the club with their own money.  The CVA was the only way to give the club a breathing space for its debts.  But as can be seen a CVA will only work if the management are prepared to change or new owners take over the running of the business.

If you think a business is in the "bottom league" and you think that you could buy it and then save the business and aim for the "premier league" by, in the first instance, putting it into a CVA then talk to us.  We are always happy to advise on acquisitions.

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