Looks like they have made a loan to the 1921 company-registered at Companies House.
Marko, EWM Holdings Ltd never went into administration but The Edinburgh Woollen Mill Limited did and will eventually be liquidated. Some of the assets including the Carlisle United loan were acquired by Purepay Retail Limited which is connected to associates of Day. So far Purepay have stepped into the shoes of EWM as regards the loan and their attitude towards repayment but yes that could change. It would be sad to see but if one of the directors with a pg were to die then that could be a trigger point for something to happen. I can't see their executors being at all happy with an outstanding pg and I wouldn't want to speculate on how it would be resolved.
Interesting. They can only call in the loan if the club is in default. And personal guarantees die with the guarantor. So, forgive me for saying, but financially aj passing on could be good news, money wise
How many clubs have come in to trouble after selling their ground and started renting elsewhere. It's not like we're Coventry and csn go and play our home games 15 miles down the road.
How many clubs have come in to trouble after selling their ground and started renting elsewhere. It's not like we're Coventry and csn go and play our home games 15 miles down the road.
So set it up in a fashion that’s safe for the club, a la the Keepmoat.
I don’t think PGs go fall away with the demise of the guarantor Marko but I agree they only get called on default
The problem is the terms of the EWM loan have never been disclosed in terms of length or default provision.
The problem is the terms of the EWM loan have never been disclosed in terms of length or default provision.
Why should the terms be disclosed. Its a privately owned company that happens to be a football club. It would not be made common knowledge if it was to a coffee shop that we all attended 20 odd times a year . Just breaking it down to basics not criticism. The one thing i find wierd is the three have signed PGs and the other large shareholder hasnt yet wants a say. Again that wouldn't happen in our hypothetical coffee shop scenario .
But football seems to be wierd like that..
But football seems to be wierd like that..
The terms are usually disclosed to all the stakeholders so the Trust should know.
Accounts normally provide a bit of detail but the clue on term is the fact is sitting in long term rather than short term liabilities in the balance sheet.If would usually stroll into the latter when the remaining term is less than 12 months.
I’m old enough to remember the terms of the Bristol and West loan which MK signed up to-those Wonga like LLP terms were a real hot potato
Fair play to the guys who signed the PG for the club-I wouldn’t
Accounts normally provide a bit of detail but the clue on term is the fact is sitting in long term rather than short term liabilities in the balance sheet.If would usually stroll into the latter when the remaining term is less than 12 months.
I’m old enough to remember the terms of the Bristol and West loan which MK signed up to-those Wonga like LLP terms were a real hot potato
Fair play to the guys who signed the PG for the club-I wouldn’t
A couple of foot added to the top of the flood defences over the last couple of weeks must have added at least another zero to BP's value.
And the ‘dance’ is complete-a very predictable but perfectly legal outcome
Philip Day’s ‘phoenixing’ scheme at Peacocks ruffles feathers
https://www.thetimes.co.uk/article/bb67cde8-9c6a-11eb-8da6-6f8eecc82ac3?shareToken=fcf912bb4ad6bd736cfbdd87e55d5c9f
Philip Day’s ‘phoenixing’ scheme at Peacocks ruffles feathers
https://www.thetimes.co.uk/article/bb67cde8-9c6a-11eb-8da6-6f8eecc82ac3?shareToken=fcf912bb4ad6bd736cfbdd87e55d5c9f
Marko, EWM Holdings Ltd never went into administration but The Edinburgh Woollen Mill Limited did and will eventually be liquidated. Some of the assets including the Carlisle United loan were acquired by Purepay Retail Limited which is connected to associates of Day. So far Purepay have stepped into the shoes of EWM as regards the loan and their attitude towards repayment but yes that could change. It would be sad to see but if one of the directors with a pg were to die then that could be a trigger point for something to happen. I can't see their executors being at all happy with an outstanding pg and I wouldn't want to speculate on how it would be resolved.
Interesting. They can only call in the loan if the club is in default. And personal guarantees die with the guarantor. So, forgive me for saying, but financially aj passing on could be good news, money wise
Personal Guarantees don't expire on death, they pass on to the estate. The probability if one of the guarantors were to die is that Purepay would give notice that repayment is required. The executors would then have to provide for the potential exposure in the event of default.
Interesting comment:
Asked by BBC Radio Cumbria if there was any further news about possible investment in the club, Holdsworth added: “I think that will come out in the wash, at the relevant time.
Asked by BBC Radio Cumbria if there was any further news about possible investment in the club, Holdsworth added: “I think that will come out in the wash, at the relevant time.
‘Happy with where we are’
It seems mediocrity and under achievement is contagious.I find it corrosive and call it failure
It seems mediocrity and under achievement is contagious.I find it corrosive and call it failure
I am still desperately trying to get over not getting to at least the play offs and he is happy where we are, it just shows the disparity between the suits and supporters.
Words fail.
Words fail.
There is clearly a dispute of what constitutes success.The club seem to think survival is paramount.
I get out of bed every morning thinking how can I be the best I can be-not thinking how can I survive the day
I get out of bed every morning thinking how can I be the best I can be-not thinking how can I survive the day
Interesting comment:
Asked by BBC Radio Cumbria if there was any further news about possible investment in the club, Holdsworth added: “I think that will come out in the wash, at the relevant time.
Every of his interviews you read, he comes across as a smug [censored]
Nobody is insane enough to invest in equity with £2.1m of debt in the balance sheet That would be a better answer as it’s the truth
Interesting that EWM and under the EWM name have started recruiting again for positions at the Carlisle head office.
We have had complete silence from John Jackson and EWM for years. What sort of existence can we look forward to under new owners Purepay Ltd in 2024/25? Dropping us a few pennies to survive in the National League? Part time players? Glazer-esque presence and silence? Answers on a postcard.
I'm at a loss, but can someone please explain what the hell they are all up to, and what the end game is.
I'm at a loss, but can someone please explain what the hell they are all up to, and what the end game is.
Interesting that EWM and under the EWM name have started recruiting again for positions at the Carlisle head office.not really it's always been clear that they were just consolidating debt and just moving a few names around .
Do we really want him to finally take on the club, if that is still even on the table, would it be a good thing regardless of how much money he has and given the fact he's not a football fan.
His secretive non commental attitude isn't a good way to run a football club at least AL and Lummy we're upfront about their plans and hopes and connected to the fans, if they had managed to take over I'm sure that would have continued.
If the various parties that have tried to take over could get together maybe there would be an alternative to the PD option.
His secretive non commental attitude isn't a good way to run a football club at least AL and Lummy we're upfront about their plans and hopes and connected to the fans, if they had managed to take over I'm sure that would have continued.
If the various parties that have tried to take over could get together maybe there would be an alternative to the PD option.
At the start, when EWM loaned the money - yes
Now - no
But looks like we have no choice.
I did ask the question at the cusg meeting, to put it to the supporters and ask.
Now - no
But looks like we have no choice.
I did ask the question at the cusg meeting, to put it to the supporters and ask.
At the start, when EWM loaned the money - yes
Now - no
But looks like we have no choice.
I did ask the question at the cusg meeting, to put it to the supporters and ask.
Before the pandemic I was saying that if people wanted to protest about PD they could stand outside EWM shops asking people not to give them any trade, and distributing leaflets detailing how they treated foreign suppliers. But as usual for this forum, nobody could be arsed!
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