Some Club Staff Salaries Late/Embargo Chat - now resolved (for now)

[seve le six]

At the last court hearing with HMRC we were told that we had to agree to a payment plan to come out of the embargo (I can't remember the exact amount, was it £300k?).
I wouldn't imagine that we've been able to clear the total debt by now and presumably are still making these repayments, in addition our normal monthly tax payments. I don't know if this is the case or not.

If so then, we may continue to hear rumours again of struggling to make payments on time. I'm not saying it's right or not right or that it's Ron's fault again or not.

 

[Barry.C]

Not one single person said that. But go off, chief.

Welcome Mr Wesley Fonguck. Wonder how much Ron payed for him....

Loving the way you dont defend Ron, go off yourself

 

[Chalky]

Loving the way you dont defend Ron, go off yourself

Is that implying what I think it is? I wonder what the mods will make of that. Stay out the sun Bazza, it makes you say silly, ghastly things.

 

[Leigh_Seasider]

At the last court hearing with HMRC we were told that we had to agree to a payment plan to come out of the embargo (I can't remember the exact amount, was it £300k?).
I wouldn't imagine that we've been able to clear the total debt by now and presumably are still making these repayments, in addition our normal monthly tax payments. I don't know if this is the case or not.

If so then, we may continue to hear rumours again of struggling to make payments on time. I'm not saying it's right or not right or that it's Ron's fault again or not.

Spot on mate it’ll likely happen again til we start bringing in more revenue on a regular basis .. ie the ground gets built. As long as we’re at the Hall we’re limited.

 

[Spaceman Spiff]

Time to move this back to the finance forum as clearly we aren’t under an embargo any more, which hopefully means the issues have been resolved.

 

[brigadista]

So, we have agreed he can fund the club in full but just not on time....We already knew that. Have already alluded to that in previous posts. One thing Ron is 100% guilty of is being unscrupulous.

Regards the second paragraph, again isn't true. It's due to Covid scaring card companies that at any given point during the season restrictions could come back and stop games being played.

There's been a lot of "prove it! prove it!" cries on this thread, but you seem to have claimed Ron putting money into the club being a "fact".
From the information publicly available, Ron hasn't put a penny into the club, yet you've claimed repeatedly that he has, often by selling his assets.
Given he's very prominent on companies house could you detail which assets and from which companies you think he's sold? I'm yet to find any evidence as such.
I believe you may, or another poster, has also stated that we owe Ron £20m as a result of his cash injections. Could you also point me to where this is?

I've studied the accounts at great detail and also followed the chain of shell companies and ownership all over companies house, until you often get stuck at offshore locations.

What does appear to be the case that he has begged and borrowed from any and everyone, sometimes companies linked to property companies in London that his son is employed by or director thereof. He's also had to re-mortgage his house (more than once I believe). There have also been sudden jumps in directors loans in certain "crises". He's also had down payments and loans from entities linked to or secured on future property development (supermarket, banks etc). And of course, HRMC are a convenient short term lending facility for companies with liquidity issues.....

The current "£20m" debt (mysteriously reduced by ~£8m in the same year the banks release their charges.....) appears to be largely on the basis that he's charged the club between £400 & £550k per annum since he took over, for the mere privilege of renting it's own stadium, training ground, and even curtains in the Far Post bar. Oh and of course for his generous consultation on a stadium he will own! (haha)

Any annual losses moved to retained earnings appear to be funded via loans to said "associated companies".

I haven't looked at the accounts for about six months, so don't shoot me down if some of the numbers are slightly off, but ball park for all of the above. However, I'd very much appreciate if you could point me to the information you've seen that suggests otherwise as I've spent (too many) hours trawling through CH for years now....

Thanks

 

[tommy tucker]

The Ron defenders are all over this embargo like a rash

Dont worry an embargoes fine cos Ron always finds the money in the end. Lets enjoy one every year or every 4 months

Dont worry the staff unpaid will eventually be , just nip down to the food bank in the meantime

who are these Ron defenders then .I dont know many

 

[Supa Shrimpa]

Spot on mate it’ll likely happen again til we start bringing in more revenue on a regular basis .. ie the ground gets built. As long as we’re at the Hall we’re limited.

...and exactly what revenue will the new ground bring ?

 

[Holy Joe]

...and exactly what revenue will the new ground bring ?

Jeez we've gone back to 2010. Scroll thru threads and you'll see

 

[Supa Shrimpa]

Jeez we've gone back to 2010. Scroll thru threads and you'll see

I read them at the time and ever since, and there are still no cashflow projections for the football club (even though Tom said he would send some over to us).

 

[Holy Joe]

I read them at the time and ever since, and there are still no cashflow projections for the football club (even though Tom said he would send some over to us).

no cashflow projections, but the potential sources of additional income has been gone over many times

 

[kentblues]

There's been a lot of "prove it! prove it!" cries on this thread, but you seem to have claimed Ron putting money into the club being a "fact".
From the information publicly available, Ron hasn't put a penny into the club, yet you've claimed repeatedly that he has, often by selling his assets.
Given he's very prominent on companies house could you detail which assets and from which companies you think he's sold? I'm yet to find any evidence as such.
I believe you may, or another poster, has also stated that we owe Ron £20m as a result of his cash injections. Could you also point me to where this is?

I've studied the accounts at great detail and also followed the chain of shell companies and ownership all over companies house, until you often get stuck at offshore locations.

What does appear to be the case that he has begged and borrowed from any and everyone, sometimes companies linked to property companies in London that his son is employed by or director thereof. He's also had to re-mortgage his house (more than once I believe). There have also been sudden jumps in directors loans in certain "crises". He's also had down payments and loans from entities linked to or secured on future property development (supermarket, banks etc). And of course, HRMC are a convenient short term lending facility for companies with liquidity issues.....

The current "£20m" debt (mysteriously reduced by ~£8m in the same year the banks release their charges.....) appears to be largely on the basis that he's charged the club between £400 & £550k per annum since he took over, for the mere privilege of renting it's own stadium, training ground, and even curtains in the Far Post bar. Oh and of course for his generous consultation on a stadium he will own! (haha)

Any annual losses moved to retained earnings appear to be funded via loans to said "associated companies".

I haven't looked at the accounts for about six months, so don't shoot me down if some of the numbers are slightly off, but ball park for all of the above. However, I'd very much appreciate if you could point me to the information you've seen that suggests otherwise as I've spent (too many) hours trawling through CH for years now....

Thanks

This has been covered ad nausium in the finances thread. In simple terms other than tax man we have little external debt other than to Ron and his companies. Generally, Ron’s companies are solely owned by Ron and family. So unless you think funds coming from Ron’s companies and their assets don’t count as Ron’s in some way who do you think our hidden investor/funder has been?

 

[kentblues]

no cashflow projections, but the potential sources of additional income has been gone over many times

And Tom did share the revenues achieved by Gillingham based on much smaller facilities

 

[Supa Shrimpa]

no cashflow projections, but the potential sources of additional income has been gone over many times

a few quid from the function room (subject to us getting some bookings) ?

 

[Supa Shrimpa]

And Tom did share the revenues achieved by Gillingham based on much smaller facilities

that's assuming we get some bookings !

 

[kentblues]

a few quid from the function room (subject to us getting some bookings) ?

No significant. see Tom's comments from his time at Gillingham with much lesser facilities. Seem to remember it was about 40% of their income (but that's from memory)

 

[BoyWonder2]

Spot on! We are sick and tired of sh#t without evidence. I only accept it, if there is an solid proof from the club.

Yet, you hang on every word I say when it’s about potential incomings and I provide zero proof….

 

[Spaceman Spiff]

Yet, you hang on every word I say when it’s about potential incomings and I provide zero proof….

A little bit unfair

 

[BoyWonder2]

A little bit unfair

How?

He said he only pays attention to “solid proof from the club”.

The information I provide comes with no “solid proof” other than a track record. I don’t provide screen shots, voice mails, voice notes etc to back up what I say. I don’t work for the Club either.

 

[Smiffy]

Special mention for Matt Slater who like a magician blew the lid on the embargo and called the imminent signing on its removal thereafter, spot on. Cheers Matt for clearing it all up. If you could keep an eye on things for us from time to time, it would save pages and pages of absolute bow locks. Ta.