Coventry United Ladies saved from liquidation after 'verbal agreement' reached for sale of club - The Coventry Observer

17th Aug, 2022

Coventry United Ladies saved from liquidation after 'verbal agreement' reached for sale of club

COVENTRY UNITED LADIES have been saved from the threat of liquidation after terms were agreed regarding the sale of the club to local businessman Lewis Taylor.

 

The club entered voluntary liquidation just two days before Christmas and were set to be liquidated on Tuesday, January 4 at 11.59pm.

 

However, administrators BK Plus Limited terminated those instructions at 4.52pm, just hours before the deadline, after a verbal agreement was reached with shareholders.

 

And it is now hoped that the sale of the club to Taylor, chief executive of Midlands-based energy company Energy Angels, will be completed in the coming days.

 

Taylor told Sky Sports News prior to his bid being accepted: “The priority is to make sure everything is stable from tomorrow (Tuesday).

 

“We’re not doing this just to keep the team together this season. That’s the immediate concern, but I wouldn’t be here doing this if it was only for this season.

 

“There’s a potential to play WSL here, which should always be the goal.”

 

Richard Tonks, Insolvency Practitioner at BK Plus said: ”Notice of the liquidation caused understandable disappointment to everyone connected with the Club, not least the players and staff.

 

“Notice of the proceedings also gathered a lot of external interest and concern, and, resulted in offers to try and save the club from parties in the UK and abroad

 

“It is unusual to be in a position of dealing with parties wanting to a rescue a company that, for all other intents and purposes, is at the point of no return.

 

“However, we were happy to work with the Company over the festive period providing information and support to a number of parties who had expressed a desire in preventing the Company from being placed into liquidation.

 

“With a statutory deadline looming, all parties needed to act quickly to avoid the liquidation and we were pleased to be part of the process resulting in the agreement of heads of terms to sell the Company’s shares. Our instructions to place the Company into liquidation could then be terminated.

 

“Clearly, a sale still needs to be finalised and we remain on hand to support all of the relevant parties with a view to completing a sale as soon as possible.”

 

A crowdfunding campaign to support players and staff has passed £14,000 in donations as of Wednesday afternoon.

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