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Preston North End served with winding-up order
PNE chairman Derek Shaw
Preston North End has been hit with a winding-up order after failing to pay a 20-day-old tax bill.
Finance director Kevin Abbott said the club was “disappointed” at the reaction of HM Revenue and Customs (HMRC) to news that the club had failed to pay its PAYE and National Insurance bills for April.
Shares in the club on the Alternative Investment Market (AIM) stock exchange will be suspended when trading opens on Monday morning.
Mr Abbott said it would be “looking at options” to resolve the situation next week.
He said: “As a public company, we are required to make this announcement with the consequence that our shares will be suspended from trading.
“The board of the club face a challenging economic climate and are disappointed that HMRC have taken this action in respect of a debt which is around 20 days overdue.
“We will be looking at our options to solve the issue next week.”
In a statement made to AIM on Friday afternoon, the club confirmed that shares would be suspended from 7am on Monday “pending clarification of the company’s financial position”.
The shock announcement came less than 24 hours after the club confirmed it had received a £550,000 loan from Trevor Hemmings’ Guild Ventures investment vehicle to enable it to pay players’ wages this month, taking the amount he has loaned the club to £13.82m including interest.
Speaking on Thursday, club chairman Derek Shaw said it was talking with Guild Ventures about “further funding” expected to be needed prior to the start of next season.
He said: “We are currently considering ways with Guild Ventures to secure this funding.”
In March, Mr Hemmings, who is the club’s largest single shareholder with a 28% stake, loaned the club £470,000 to pay its PAYE and National Insurance bill.
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Weather for Preston
Saturday 04 February 2012
Today
Light snow
Temperature: 2 C to 3 C
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