Latest news with #CompanyVoluntaryArrangement
Scottish Sun
5 days ago
- Business
- Scottish Sun
Cash-strapped SPFL outfit agrees deal to exit administration as grim nine-month fight for future set for happy ending
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ADMINISTRATORS at Inverness Caledonian Thistle have agreed a deal with creditors which will see the cash-strapped club exit insolvency next month. The Highlanders entered administration back in October, with an SPFL statement confirmed the club would be docked 15 points as a result. Sign up for Scottish Sun newsletter Sign up 2 A general stadium view is ad Credit: SNS 2 Inverness Caledonian Thistle press conference Credit: Ken Macpherson But multi-millionaire Highland businessman Alan Savage has triumphantly sealed a deal to exit administration and take complete control at Caley Thistle. And today it was revealed that the CVA has been approved, with the process likely to conclude in early July 2025. He said: "The Joint Administrators (JAs) today held the meetings of creditors and members to consider the Company Voluntary Arrangement (CVA) proposals which were based upon the offer for the club submitted by Alan Savage. "The JAs are delighted to advise that both meetings approved the CVA. "This will allow the Club to exit Administration and retain its place in League One of the Scottish Football Leagues. "The club will now operate under the CVA for a short period of time under the management of Alan and his team. "Once the final costs are determined and the relevant dividends paid to creditors then the CVA process will be brought to a close. "It is anticipated that this process will conclude in early July 2025." BDO partner James Stephen said: 'The Joint Administrators would like to thank everyone involved in the process of getting to this point and in particular Alan and his team and the staff at the club. 'We would also like to thank the fans for their patience and support. Ex-Rangers star Duncan Ferguson spotted shovelling snow off Inverness pitch as he leads 'army' of helpers- 'We look forward to the conclusion of the process and seeing the club move forward.' Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
Press and Journal
19-05-2025
- Business
- Press and Journal
Caley Thistle creditors' meeting on hold - but Alan Savage 99% confident of takeover bid success
Caley Thistle's crunch Company Voluntary Arrangement (CVA) meeting this week has been postponed until June 5 – but owner-in-waiting Alan Savage remains 99% sure that's the date the Highlanders will put administration behind them. The CVA meeting was due for this Thursday, with former chairman Alan Savage's £800,000 bid on the table for the League One club as they seek to get out of administration. Joint administrators had previously set out the conditions of the offer from Savage and had indicated the meeting of creditors to approve the CVA would be scheduled for May 22. The conditions were: In a statement, administrators BDO have this afternoon Monday said: 'Huge progress had been made in respect of the conditions. 'The joint administrators are delighted with the responses and confident in proposing a CVA that can be approved. 'It is vital that the joint administrators can present a clear proposal to creditors. 'In particular, the purchase of the lease in respect of the land surrounding the stadium, which involves a splitting of the lease, requires a legal agreement involving the club, current leaseholders and Highland Council as head landlord. 'All parties are fully engaged and the joint administrators thank Highland Council for their swift and pragmatic approach to this. 'As a result, and to ensure a proposal is presented to the creditors without unfulfilled conditions, the CVA meeting will now be held on June 5. 'The relevant documents have been sent to creditors today (Monday, May 19). 'The joint administrators would stress that they are confident that a successful outcome is achievable.' In addition, a spokesperson at BDO, said: 'We would also like take this opportunity to thank the shareholders that have returned their forms agreeing to cede. 'The response has been remarkable and often accompanied with messages of support for Mr Savage and the club. 'We would encourage every shareholder that has not responded to do so and assist in the final push to exit administration.' Last week, Savage confirmed to the Press and Journal, 95% of those shareholders asked to cede their shares had done so. This afternoon, Savage told the P&J he believes the 31-year-old club – Scottish Cup winners a decade ago this month – are still closing on their administration exit. He said: 'All going to plan, we're coming out of administrator on June 5. 'That's when – subject to what the press release has stated today – I will expected to announce a way forward. It should be straight forward. 'The SPFL (Scottish Professional Football League) and the Scottish FA have said that's okay and that looks like the way we're going. 'As far as I'm concerned, it's full steam ahead. 'Even today, we're looking at new ideas and (a new) Nessie (mascot) suit has been ordered! 'I'm 99% confident we won't have any problems.'
STV News
19-05-2025
- Business
- STV News
Inverness administrators ‘confident that a successful outcome is achievable'
A meeting to determine the fate of Inverness has been postponed by two weeks but administrators are confident of a positive outcome. Creditors will now vote on a Company Voluntary Arrangement (CVA) on June 5 amid a delay to ensure conditions are fulfilled. Former Caley Thistle chairman Alan Savage was named as the preferred bidder last month after his funding kept the club going this season and helped them avoid relegation to William Hill League Two. The bid was subject to 100 per cent of the voting shares being transferred to his purchasing vehicle, all loan creditors being written off and an agreement to purchase land around the stadium. A statement from administrators BDO read: 'Huge progress had been made in respect of the conditions. The joint administrators are delighted with the responses and confident in proposing a CVA that can be approved. 'It is vital that the joint administrators can present a clear proposal to creditors. 'In particular, the purchase of the lease in respect of the land surrounding the stadium, which involves a splitting of the lease, requires a legal agreement involving the club, current leaseholders and Highland Council as head Landlord. All parties are fully engaged and the joint administrators thank Highland Council for their swift and pragmatic approach to this. 'As a result, and to ensure a proposal is presented to the creditors without unfulfilled conditions, the CVA meeting will now be held on 5 June. The relevant documents have been sent to creditors. 'The joint administrators would stress that they are confident that a successful outcome is achievable.' A spokesperson for BDO added: 'We would also like take this opportunity to thank the shareholders that have returned their forms agreeing to cede. 'The response has been remarkable and often accompanied with messages of support for Savage and the club. 'We would encourage every shareholder that has not responded to do so and assist in the final push to exit administration.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Scottish Sun
10-05-2025
- Business
- Scottish Sun
Big broadband provider to CLOSE with all 95,000 customers complete switch to new supplier in weeks
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A BIG broadband provider is to close with all customers transferred to a new supplier in weeks. Origin Broadband, a subsidiary of TalkTalk, is exiting the telecoms market for good on June 1. Sign up for Scottish Sun newsletter Sign up 1 Origin Broadband was once an independent company, but after experiencing financial difficulties, TalkTalk took over ownership in 2021 Credit: Alamy All affected customers will have their broadband and homephone services switched to Utility Warehouse (UW). UW, which already provides broadband services via TalkTalk's network, will now extend its offerings to these customers. This announcement follows an email sent to Origin Broadband customers a few weeks ago, notifying them of the changes. The email stated: "We're contacting you to let you know that Origin has made the difficult decision to exit the telecoms market. "From March 28, Utility Warehouse Limited (UW) will provide your broadband and homephone services. "Origin will support your broadband and homephone service and handle any queries you have regarding your account and service on UW's behalf until June 1, 2025." Origin Broadband was once an independent company, but after experiencing financial difficulties, TalkTalk took over ownership in 2021. Since then, Origin has been relatively quiet and stopped accepting new customers. Although they briefly trialled taking on new subscribers late last year, this was short-lived, leaving the future of the brand uncertain, according to ISPreview. A TalkTalk spokesperson said: "TalkTalk and Utility Warehouse (UW) have enjoyed a long-standing partnership. Easy ways to slash your mobile bill History of Origin Broadband ORIGIN Broadband began in 2011, initially focusing on South Yorkshire before expanding across the UK. It made a name for itself with decent customer service and some affordable Standard Fibre deals. However, problems arose in 2018 when Origin was rescued by creditors after struggling with "substantial bad debts." A Company Voluntary Arrangement (CVA) was put in place, allowing them to repay creditors over time. In August 2021, facing over £20 million in losses, Origin began migrating all customer lines to TalkTalk's platform. While the Origin brand remained for existing customers, new deals were no longer offered. TalkTalk has now agreed to transfer Origin's customers to Utility Warehouse. "As announced by UW recently, TalkTalk has agreed a partnership under which approximately 95,000 Origin customers will be transferred to UW. "Impacted customers will be contacted ahead of migration. No decision has been taken on the future of the Origin brand." The transfer is expected to benefit TalkTalk financially, although specific details of the deal haven't been revealed. Affected customers will not need to take any action, and their service and monthly bill will remain unchanged. Stuart Burnett, chief executive of UW, said: "UW is delighted to welcome these customers into our growing base of well over one million customers, who benefit from the opportunity to make valuable ongoing savings when they bundle their utilities with us." If you're no longer under contract with Origin Broadband, it may be worth exploring other providers to see if you can secure a better deal elsewhere. More than nine million Brits are out of contract on their broadband package, according to Uswitch. While customers can leave their contract at any time, those still locked in will likely need to pay a penalty for leaving early, which varies from provider to provider. Check if you're out of contract TO check if your broadband contract has ended, log into your provider's online account or app, check your latest bill, or contact your provider directly via phone or live chat Providers are usually required to notify you 10 to 40 days before your contract ends, usually via email, text, or letter. How do I switch providers? Switching TV, broadband and landline providers has become significantly easier due to new rules introduced in September 2024. Customers now only need to contact their new provider to make the switch, eliminating the need to deal with their current provider, even if they find a better deal elsewhere. Since 2015, customers using Openreach's network – which includes providers like BT and Sky – have been able to switch by allowing their new provider to handle the process. However, switching to or from providers like Virgin Media, which operates on its own independent network, previously required contacting the existing provider to arrange the change. Ofcom's new "One Touch" rules have streamlined the process for all networks. Now, customers switching services only need to liaise with their new provider, regardless of the network. These rules also ensure that customers won't pay notice-period charges beyond the switch date, meaning they won't be billed for overlapping services. Additionally, providers are required to compensate customers for any issues during the switch, such as being left without service for more than one working day. The amount of compensation will vary depending on the situation. The new rules align broadband and TV switching with mobile switching. Since 2019, mobile phone customers have been able to switch providers using the "text to switch" system, avoiding the hassle of calling their current network. To find the best deals, consider visiting comparison sites such as MoneySuperMarket and Uswitch. These platforms allow you to tailor your search based on factors like price, data allowances, and preferred providers.
Daily Mirror
10-05-2025
- Business
- Daily Mirror
High street fashion chain shuts another store after closing 35 earlier this year
The announcement of the move came in the form of a post on the branch's Facebook page. The post read: "It is with a heavy heart that we tell all our lovely customers that our store will be closing" A popular high street fashion chain is closing another one of its stores for good today. The budget fashion retailer Select announced that its branch in Grantham would be closing on May 10. The announcement of the move came in the form of a post on the branch's Facebook page. The post read: "It is with a heavy heart that we tell all our lovely customers that our store will be closing. "As far as we are aware our last trading day is May 10. I just want to take a minute to say thank you for all your support over the years." Locals took to the comments to share their frustration, with one saying: "We will soon have no clothing stores left in Grantham." Earlier this year, Select closed 35 of its 83 UK stores, which impacted 40 staff members. The retailer then went into liquidation in April and the chain's brand and 48 stores - including the Grantham site - were then taken over by Essence Fashion Limited. The agreement gave Essence Fashion Limited permission to operate and manage the business under the Select Fashion name for a period of six months, with an option to acquire the company's assets. The reason for the closure of the site has not been confirmed. However, it is important to note that retailers close stores for a variety of reasons, and it doesn't just mean they are in trouble. Some close because the tenancy has come to an end on the site, or because the branch is not as profitable as others. Essence Fashion Limited has not issued an update on Select since taking over last month. Select Fashion - which sells a range of women's clothing, accessories, and footwear - first emerged on the British fashion scene in the 1980s. Join Money Saving Club's specialist topics Select fell into administration back in 2019 blaming "tough" conditions on the high street. At the time, this put 1,800 jobs and 169 stores at risk. It was later bought out of administration by Genus UK Limited, who also fell into administration in 2022. The fashion chain was then subsequently owned by Turkish businessman Cafer Mahiroglu. In 2024, it operated around 100 stores nationwide, however in the summer the chain entered into a Company Voluntary Arrangement (CVA). A CVA allows a business to pay off its debts over a fixed period of time while still trading. It's a common way to help struggling businesses and often it involves things such as negotiating rental costs with store landlords.
