Quantuma - gov.uk official complaint option

[plymouthram]

On 10/06/2022 at 21:01, FlyBritishMidland said:

They published estimated figures of £2.1M to end of May, assuming the exit of administration.  That was around late April.

That will be their wages, add on the expenses and legal fees that have to be met.

[G STAR RAM]

20 minutes ago, plymouthram said:

Back in November the Administrators released estimated figures of a fee of £1.5m, expenses of £1.4m and legal costs of £1.24m and that was based on closing out in January with them being confident of having a buyer (at the time they stated they had interested buyers that were close to doing the deal by early January). Five months later, do you think their costs have not got up from what they estimated. They took over the club in September looking to be gone in the January, thats 4 months work. (my maths tell me had they gone in January they would have taken £4.14m). Now we can add on another 5 months of costs.

The June pay is not due until the last working day of this month, but with no income coming in and no owner, who's paying the wages.

P.S. The estimated figures were released to Derby live on the 25th November last year.

Why are you quoting estimated figures?

The administrators fees up to the end of May were included in the update filed at Companies House.

CBA to look right now but their fees were circa £2m with the same again in expenses.

Now I don't know what their fees are right up to date but if you asked me to have a guess, I certainly would not think that their fees/expenses for June 2022 were equal to their fees/expenses for the period September 2021 to May 2022.

Obviously if you have evidence to the contrary, I will gladly apologise. 

[plymouthram]

26 minutes ago, G STAR RAM said:

Why are you quoting estimated figures?

The administrators fees up to the end of May were included in the update filed at Companies House.

CBA to look right now but their fees were circa £2m with the same again in expenses.

Now I don't know what their fees are right up to date but if you asked me to have a guess, I certainly would not think that their fees/expenses for June 2022 were equal to their fees/expenses for the period September 2021 to May 2022.

Obviously if you have evidence to the contrary, I will gladly apologise. 

Just checked those figures again and got 2 wrong, expenses was £1.24m and legal fees £1.1m still making £3.75m for the first 4 months in Administration. Agree these were estimated figures released by Quantuma back in November, but I would'nt expect them to get their amounts too wrong. I did word it wrong stating no one had been paid for June, but that would only happen at the end of this month with no new owner in place.

[G STAR RAM]

56 minutes ago, plymouthram said:

Just checked those figures again and got 2 wrong, expenses was £1.24m and legal fees £1.1m still making £3.75m for the first 4 months in Administration. Agree these were estimated figures released by Quantuma back in November, but I would'nt expect them to get their amounts too wrong. I did word it wrong stating no one had been paid for June, but that would only happen at the end of this month with no new owner in place.

I'll ask once again, why are you quoting estimated figures when the actual figures are out there in the public domain?

 

[plymouthram]

23 hours ago, G STAR RAM said:

I'll ask once again, why are you quoting estimated figures when the actual figures are out there in the public domain?

 

Where ?

[G STAR RAM]

9 minutes ago, plymouthram said:

Where ?

https://find-and-update.company-information.service.gov.uk/company/00049139/filing-history

[plymouthram]

1 hour ago, G STAR RAM said:

https://find-and-update.company-information.service.gov.uk/company/00049139/filing-history

Took me a while to go through all of it and add it all up, so far we have the Administraters pre-advice costs at £959,937.90. Followed by Their fees £2,145,970.50. Expenses of £1,354,155.60. Forensic team (on all IT equipment) costs £27,437.50 +VAT. Blue Road Ltd (accountants) costs £47,009.83 +VAT.  Solictors (Pinset Masons) costs £75,005 +VAT. Solictors for points deduction appeal, (Freeths) charged £187,309 +VAT Also Ankura charged £95,210 +VAT. Valuers of clubs Assets charged £1,254.75 +VAT. Valuers of Players charged £15,000 +VAT and last bill was Agents consultancy fees £575 +VAT.

That makes a total of £4,908,865.08 plus you have to add on the VAT for them accountants, solictors etc , which will bring it up to just under £5m. These figures were published with companies house on 20th April this year. Add on costs for the rest of April, all of May and June so far and your looking at around £6.5m to £7.5m. I got my figure of £8m from my brother who spoke to a mate who works for an accountant firm.

[G STAR RAM]

6 hours ago, plymouthram said:

Took me a while to go through all of it and add it all up, so far we have the Administraters pre-advice costs at £959,937.90. Followed by Their fees £2,145,970.50. Expenses of £1,354,155.60. Forensic team (on all IT equipment) costs £27,437.50 +VAT. Blue Road Ltd (accountants) costs £47,009.83 +VAT.  Solictors (Pinset Masons) costs £75,005 +VAT. Solictors for points deduction appeal, (Freeths) charged £187,309 +VAT Also Ankura charged £95,210 +VAT. Valuers of clubs Assets charged £1,254.75 +VAT. Valuers of Players charged £15,000 +VAT and last bill was Agents consultancy fees £575 +VAT.

That makes a total of £4,908,865.08 plus you have to add on the VAT for them accountants, solictors etc , which will bring it up to just under £5m. These figures were published with companies house on 20th April this year. Add on costs for the rest of April, all of May and June so far and your looking at around £6.5m to £7.5m. I got my figure of £8m from my brother who spoke to a mate who works for an accountant firm.

No you don't add on VAT at all, that is a recoverable cost.

I'm interested to know how you got from £4m for 8 months (£500k per month) to £6.5m to £7.5m for 9 months?

Not sure that working for an accountancy firm makes someone any more likely to know what the administrators fees are than anyone else.

[plymouthram]

14 hours ago, G STAR RAM said:

No you don't add on VAT at all, that is a recoverable cost.

I'm interested to know how you got from £4m for 8 months (£500k per month) to £6.5m to £7.5m for 9 months?

Not sure that working for an accountancy firm makes someone any more likely to know what the administrators fees are than anyone else.

Googled the question on VAT, here is the answer;

Can sports clubs reclaim VAT?

The ability to reclaim VAT on expenditure is dependent upon an entity's VAT status. Grant income is generally outside the scope of VAT. Capital projects – In most circumstances, sports clubs will be unable to recover the VAT charged on capital projects.

It was nearly £5m not including VAT in 7 months (from 3rd week September to 3rd week in April) and another 2.5 months could be another £1.5m. Agree the figure of £8m that was passed on to me via my brother does look over the top. But has I initially stated it was rumoured.