At a recent meeting of Nuneaton Borough Supporters’ Co-operative invited guests Adam Hayes, David Parnell, Keith Davies, Andy Farmer and Derek Dunnachie were in attendance. Adam Hayes gave the group an insight into the current situation regarding the financial standing of the club.
The parties have agreed to release the following statement through the Co-operative. The statement is issued within the bounds of business confidentiality and is a broad overview.
Mr Hayes began by explaining that the current directors had put a significant amount of money into the club over the last six months to address the problem of legacy debt. This debt turned out to be far greater than that revealed by the previous owner(s). He also revealed that a significant amount of debt had been paid down, thus improving the overall financial position of the club. Some of the creditors who have been paid include HMRC, ex-players and other staff, putting the club in a far better financial position than was the case 12 months ago.
Despite this improvement in the general overall health of the club, it would be desirable to find other investment so that the club could move forward and talks were ongoing with a couple of interested parties. It was also revealed that meetings had taken place with other prospective investors who were not considered to be suitable with regard to the long term viability of the club or did not share the ethos of the current board.
It was stated that the board were disappointed with attendances and that the figures reflected a £100K drop in revenue but that this loss had been more than covered by the upturn in the club’s other business activities. Also, although there were some cash flow problems the situation was improving and current contracted players would be off the payroll for 2020-21 and other financially beneficial partnerships were in the pipeline.
Finally, a discussion took place regarding the lack of volunteer help on match days. It was pointed out that other clubs seem to cover a multitude of match day jobs through their support base. The Co-operative has undertaken to help where it can to increase the number of volunteers.