Shrimpsvoices

Just seen this on Twitter

https://twitter.com/EyesOTBoard/status/ ... mkirg&s=19

I saw this & thought "who the hell are Cheltenham United & what have they got to do with us?"
[url]
https://find-and-update.company-informa ... download=0[/url]

If you read it through, the charge was satisfied on 4th March, probably juggling funds around

MartyNo1, are you sure about it being satisfied? Neither myself nor my much more financially experienced partner are not of the view that it is. Although she has on a couple of occasions been proven to be wrong!!

Thats what it says on our company page

Mayfair finance has been satisfied but Charles street investments has just been registered and is unsatisfied - more than likely means a refinancing - also interesting to note on the document Bond investments Limited are mentioned and their abridged accounts don’t look great - not sure they’d get a loan for a mobile home!!

Isnt Bond investment Jason and Colin I think we took a mortgage out a few years back with Mayfair and wasn't some land used to secure it. Although that might be a seperate thing as we were worried Colin and jason would sell the land.
Have we just swapped mortgage providers?

Basically, this is a refinancing of the original loan from Mayfair Finance. This was the original angle that PMG used to sell the club.

Mayfair Finance is of course Jason Whittingham himself. So, in effect, he lent money from one of his own companies to another one. Mayfair Finance’s accounts are heavily overdue and there have been numerous attempts to have the company struck off. https://find-and-update.company-informa ... y/09153577.

Charles Street Commercial Investments Ltd is an interesting one. Bearing in mind it is a lender with £13 million in profits try and find its website. Basically, it lends money to businesses that otherwise wouldn’t get lending in return for high rates of interest. CSCI is actually just Henry Moser, a 73 year old billionaire from Bury who specialises in lending https://en.m.wikipedia.org/wiki/Henry_Moser.

So what does this all mean? Should we be concerned?

Not a lot really as we don’t know the full picture and can only speculate.

It’s clear from Mayfair Finance’s accounts that Whittingham’s company is in a mess and can’t roll over the loan.

If Morecambe FC was a normal business making a healthy profit and needed some cash to invest it would go to a high street bank or major lender. The reality is that it loses money every year, is propped up by the goodwill of its directors and, because of the JB Christie Trust and the actions of PMG to sell them off, the club has very little assets to use as security. As a result, it will need to go to ‘different’ lenders with higher rates and interesting terms of security.

For me the proposed Stephen Robinson model with the development of young talent and selling them on is the only way for a club like Morecambe to become sustainable and be able to invest in growth. It will be interesting to see this season’s accounts given over £1 million in sales and compensation, higher income and, at the same time, some higher costs.

Basically, we’re never out of the woods financially, but then so are many other clubs.

Yes, a lot of new income, but also rising costs. Presume being in L1 will bring in an extra £1M or so, £200K bonus for selling managers, but meanwhile I've lost count of how many new managers and staff we've brought in.
Playing budget seems to have gone up about £700K ?
Don't think most of this will show in the latest accounts

With the cup runs you'd expect a small profit this year? Will make interesting reading.

As Markyno1 says a lot of this won’t show in the accounts that are due to be lodged at Companies House shortly as it for the year upto end of May 2021, which was impacted by Covid restrictions. The financial year covering the current season, and the incoming monies for transfers and management moves, as well as the increase in all monies from the EPL and re EFL, and the much increased gate and hospitality monies, as well as I assume the increase in merchandise sales, won’t be reported until the accounts for 2021-2022 are lodged at the end of March 2023.

Our money worries could be over soon when Bond Group sell the Club to CryptoShrimps who are currently selling JPegs to raise the funds. Exciting times.

https://twitter.com/CryptoShrimpNFT/sta ... dmUjQ&s=19

BerlinWaller wrote:Our money worries could be over soon when Bond Group sell the Club to CryptoShrimps who are currently selling JPegs to raise the funds. Exciting times.

https://twitter.com/CryptoShrimpNFT/sta ... dmUjQ&s=19

You can even buy T shirts!
https://www.redbubble.com/i/t-shirt/Cry ... 5409.FB110

BerlinWaller wrote:Our money worries could be over soon when Bond Group sell the Club to CryptoShrimps who are currently selling JPegs to raise the funds. Exciting times.

https://twitter.com/CryptoShrimpNFT/sta ... dmUjQ&s=19

Am I the only one who has no idea???

https://www.cryptoshrimps.io/

WTF?

I had a very long and confusing chat with the lad who is behind the idea last night. I asked him to be open with the fans so I believe he put a post on the facebook page.

His motives seem pretty honest, he came to watch a game, fell in love with the club and the way he was treated by fans. He said he doesn't want to buy the club at all, just wants to raise money to put in to the club. He has been in direct contact with the club since October regarding the investment. The NFT's go on sale in 2 weeks, 7520 of them. Look at that number and see its relevence to the club.

We are right to be wary though, we have been here before. I hope the club are on the ball with this one.

Another charge was filed at Companies House last week.

Gone_Shrimping wrote:Another charge was filed at Companies House last week.

Bump !

https://find-and-update.company-informa ... download=0

Potentially a lot more serious than losing to a plastic MK team !

Gone_Shrimping wrote:https://find-and-update.company-informa ... download=0

Potentially a lot more serious than losing to a plastic MK team !

I thought the 'Christie Trust' was transferred to the new ground, so how can it be mortgaged off? It was already a surprise when bits of the land were sold off, as never actually being owned by the football club, now this? Is it another parcel of land that isn't actually owned by the Christie Trust?

It appears that Ascot and Ryley are Graham Hodgson and Nigel Adams so maybe panic over.

A couple more items filed at Companies House in the last week :-

https://find-and-update.company-informa ... ng-history

If you look back to the original charge it's something to do with Peter Cross in 2014, it looks like a bit more tidying up/clearing of some old debts maybe.

The articles of association is interesting is this to remind any potential buyers what their responsibilities would be.

P/T Indie wrote:If you look back to the original charge it's something to do with Peter Cross in 2014, it looks like a bit more tidying up/clearing of some old debts maybe.

The articles of association is interesting is this to remind any potential buyers what their responsibilities would be.

Yes , I saw it was the Peter Cross charge being satisfied, so maybe tidying the company for a potential buyer.

There is certainly plenty to read in the Articles of Association !

Another filing at Companies House.

https://find-and-update.company-informa ... download=0