The first anniversary of WRFC Trading Limited entering into administration would seem a suitable opportunity to begin to look forward rather than dwell on matters in the past. Unfortunately the future is possibly less clear on 27th September 2023 than it was on 27th September 2022. On that dreadful day many people lost their jobs and livelihoods and many more were angered and deeply saddened at the new low-point in the club's recent travails. However, amongst that sadness, was relief that Messrs Whittingham and Goldring had at last been confined to history. There was also an optimism that a professional and reliable company like Begbies Traynor Group had been appointed to both rescue our club and also to investigate and potentially expose any wrongdoings by the previous ownership.
This optimism seemed well-placed when Julie Palmer announced the following day that "Our duty is to the creditors but the buyers have to satisfy the RFU they are going to be able to run a rugby club." Following the appointment of Begbies as Receivers over the Stadium and Land a few days later, they released another statement: “This is an important step in being able to deliver the full suite of assets comprising the trading entity, the stadium and the surrounding land to enable a purchaser to move forwards with a well-funded proposition to ensure the future success of professional rugby in Worcester."
Fast forward 12 months and Begbies have doggedly persisted in trying to finalise a deal with a company deeply committed to NOT meeting RFU expectations. They have failed spectacularly to complete on a deal to involve the whole Worcester Warriors club. Instead, going against their own aspiration, they have set adrift WRFC Trading Ltd. as a solitary entity; sold to a company that had so little money it needed to borrow from a potential direct competitor to get the deal over the line and, even then, with an outstanding invoice for £1m in deferred consideration. This, remember, is a company that had lost their much-trumpeted American financial backing the day before they were allowed to exchange exclusive contracts, presumably on that "full suite of assets," on February 1st.
Needless to say the Directors of Atlas Worcester Warriors have now lost their 97% shareholding to Loxwood Holdings Ltd. - something that happened in mid June but was clearly not felt important enough to be included in Palmer's progress report to creditors dated 1st August 2023.
For their hard work in presiding over the administration process of WRFC Trading, Begbies Traynor Group have racked up an anticipated bill for £1.8m. We are not yet aware of any estimation of payment for their role as Fixed Charge Receivers of Sixways Stadium Ltd and MQ Property Ltd. should a deal ever be completed.
WWST has made Begbies well aware of our dissatisfaction with their handling of the administration process and the receivership of the stadium and land. Unfortunately they have been unable to answer any questions citing confidentiality. We therefore believe that there is a need for an independent review of the bidding process, the exchange of contracts and the completion of the sale of WRFC Trading Ltd to Atlas Worcester Warriors. Further to this, we have submitted a complaint to the Insolvency Service Complaints Gateway and will keep supporters updated on progress.
The Supporters' Trust has also attempted to contact Mr Chris Holland of Loxwood Holdings and now of Atlas Worcester Warriors through various routes. We are seeking to understand better his plans for WRFC Trading Limited and its assets. We would also be happy to offer him substantially more for the intellectual property of Worcester Warriors than Atlas paid for it, particularly given that he just sees himself as a custodian of the brand. Unfortunately Mr Holland has yet to reply.
OFFICIAL LAUNCH NEWS:
In more encouraging news, our treasurer, Gabby Radford, appears to be well ahead of schedule in her task of establishing a bank account for WWST. This is the main remaining barrier to us beginning to sign up members. Another is updating this website such that we can accept payments; where does all the time go?!
We have also set up a sub-group to organise our Launch Event - date TBC but likely still to be mid November.
You may have seen our appeals on Social Media for suitable items or experiences for a fund-raising auction to be held at the launch event. The Board members of WWST have, thus far, been digging into their own pockets to finance things such as FCA fees, Website costs, Printing costs etc but this isn't a sustainable or fair arrangement and we need to raise money for reimbursement.
Examples might include:
Sporting memorabilia
Event tickets
Experience days
Vouchers
Local business discounts etc etc.
If this is something you might be able to help with we'd love to hear from you via the website contact form or at warriorstrust@outlook.com
END OF AN ERA
The last word on here today is a heartfelt tribute to the work of Andrew Easton at BBC H&W. We know that Andrew is a longtime Warriors fan. He has been integral in establishing and hosting the Worcester Warriors Podcast, keeping us all up to date with developments (or lack of) at the club. It must have been a huge challenge at times for Andrew to maintain his professionalism and balanced BBC viewpoint whilst reporting on the happenings at Sixways. We will miss his voice on the airwaves and wish him the very best of luck in any future projects following his final radio show on 30th September.
Thank you for the update, but mostly for all your dogged work. I'm sure it's very frustrating, but it is influential and might be the only thing that eventually sees the Warriors back at Sixways. It is in the true footsteps of Cecil Duckworth. Keep going,!