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Hemmings backs PNE with £18.5m

Trevor Hemmings

Trevor Hemmings

 

Trevor Hemmings has backed Preston North End to the tune of more than £18.5m, new accounts have shown.

The latest accounts for the tycoon’s Chorley-based property group, Northern Trust, shows it has pumped £18.57m into the Deepdale club through three separate loans.

It has loaned Preston North End Ltd £8.54m through one loan, £5.03m through a second loan and as a long-standing loan of £5m to Deepdale PNE Holdings Ltd.

A spokesman for Mr Hemmings said the interest on the loans, which is between 3% and 8% above the inter-bank LIBOR lending rate, was not being added to the loans.

He added: “Northern Trust continues to invest significantly in Preston North End FC, which demonstrates the very strong support - financial and otherwise - for the club and its sporting endeavours.

“Northern Trust is committed to the success of Preston North End FC.”

Northern Trust yesterday reported profit before tax for the year to the March of £1.6m, compared with a loss of £5.7m in same period during 2011.

The figure came on reduced turnover of £39.5m, down from £41m during the previous 12 months.

Director John Kay said the company had “substantial financial resources” and a property portfolio “widely spread across geographic areas” with more than 3,000 tenant businesses.

He added: “The directors believe that the company is well-placed to manage its business risks successfully despite the current uncertain economic outlook.

“The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future.

“Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.”

The directors’ report cited uncertainties over property rental rates, the level of interest rates and “the general level of economic uncertainty” as

 

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