Bolton Wanderers accounts show big impact of pandemic on club finances

·2-min read
Bolton Wanderers accounts show big impact of pandemic on club finances
Bolton Wanderers accounts show big impact of pandemic on club finances

WANDERERS’ parent company, Football Ventures (Whites) Limited have posted their financial accounts for the year ending June 2021.

The accounts show the significant financial impact of Covid in a season where Government restrictions prevented fans from coming through the turnstiles.

Despite strong season ticket sales, Wanderers still saw turnover drop by 34 per cent from £9,338,622 to £6,155,673.

Losses for the year were down from £3.8m to £1.4m, based mainly on the savings made during the pandemic with staff on furlough and a £2.5m secured loan from Eddie Davies’s trust being written off the books.

Wanderers have more than £500,000 cash in the bank.

Creditors amount to more than £31m - £8.876m of which is payable by August 2022 without incurring interest. This includes a £5million loan taken out from the UK Future Funds Nominees Limited, a Government-backed scheme aimed at supporting companies during the pandemic.

The accounts also state that in January £4million was raised with a share issue to Swiss consortium BMLL Limited and to a shareholder held under a deed of trust to Sharon Brittan.

More than £12.5m in total of loans have now been converted into shares – including some after the account reporting period.

Just over £22m of the total is due more than one year after the period covered by the accounts.

That is broken down into £4.7m of loan notes, £8.1m of ‘other borrowings,’ £9.8m of ‘other creditors’ and £45,000 in bank loans and overdrafts.

Wanderers borrowed £7.5m in 2020/21 and repaid £2.75m. Borrowing was up £2.5m on the previous year (£5m).

Total wages for the group were £6.25m, slightly down on the previous year (£6.75m).

Just over £900,000 of that figure was covered by the Government’s furlough scheme.

Wanderers also purchased players worth more than £175,000 during the accounting period.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting