Rescue plan set to see Dumbarton reformed as newco after liquidation
Hopes of exiting administration via a creditors voluntary agreement fell victim to time constraints, with concerns that a deal would be incomplete before the new season.
Read more:
A progress report by administrators Quantuma has now confirmed that the club formed in 1872 will now be dissolved and replaced by Dumbarton Football Club 1872 Ltd, a new company wholly owned by Canadian businessman Mario Lapointe.
Owner of an electronic manufacturing service provider in Quebec sports fan and part-time musician Lapointe stepped into the breach after ill health forced the collapse of a deal with Oxford based Gareth Phillips.
Docked 15 points after running out of money at the end of last year Dumbarton finished bottom of League One and were relegated.
And while the oldco which retained the club's league share will now ceasing to exist the report states that the newco will be eligible to take its place in League Two after receiving a 'formal waiver' from the board of the SPFL.
'The proposed exit route (from administration) is now dissolution,' said the update. 'The administrators will seek approval from the creditors to this variation via a decision procedure usig the consent process and, assuming agreement is obtained, will file a notice of dissolution.
'A funding requirement of circa £140,000 was highlighted for the team to complete the season. This funding requirement increases to c. £200k when carried through to the end of June 2025.
'The shortfall has been funded by £118,384 raised by fans and the receipt of a £30,000 non refundable commitment fee which will be discussed further below. The balance of the shortfall will be met from the sale consideration.'
Hopes of a rescue plan for the Sons suffered a set back in April when Phillips' Pendragon Group Limited have ended their interest in buying the club due to health issues and forfeited the non-refundable deposit paid.
The joint administrators turned to other potential bidders, running up eye-watering costs of £446,700 plus VAT for the six months leading up to since May 17. The cost of legal advisors Addleshaw Goddard have yet to be made public.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Belfast Telegraph
4 hours ago
- Belfast Telegraph
‘It was a true honour': Belfast Giants captain announces retirement after four years with club
The 33-year-old Canadian winger played for the team for four years, captaining them in the latter two, and retires having played a significant role in bringing seven trophies to the SSE Arena in that time. Cooper leaves the Giants having scored a remarkable 105 goals and 242 points in 259 games in all competitions, including providing the assist for Ben Lake's dramatic overtime winner against the Cardiff Devils in the 2022 Challenge Cup Final and netting against the same opponents in the Grand Slam-clinching Play-Off Grand Final a year later. An ever-reliable presence on the roster since joining from the South Carolina Stingrays in 2021, Cooper formed a dynamic partnership with Lake throughout his four years in Belfast, playing on the same line for all four campaigns, and will be fondly remembered for his time in teal. Having flirted with the idea of retiring last season, this time Cooper has decided it is time to move on from the professional game and admits that getting to play for the Giants has been one of the highlights of his long career. 'It was a true honour to be a Belfast Giant, and the memories that I have made throughout the last four years have been unforgettable,' said the Ontario man. "I want to thank the Belfast Giants organisation for the opportunity to make such good memories, and the people of Belfast for being so genuine and caring. Thanks for everything.' A Toronto native, Cooper had four years at Bowling Green State University before he broke into the pro ranks with the AHL's Chicago Wolves in 2016, bouncing between there and the ECHL for the next five seasons. But it is his time in Belfast that he will be best remembered for, where he became an integral part of the Giants' dynasty since the turn of the decade as a relentless competitor that left everything on the ice for the team. He would be named an alternate captain to good friend David Goodwin in his first season and would help the team to double success as he scored 33 goals and 72 points in 69 games in his rookie Elite League season. Most notable was his performance in the Cup Final where he was the one who provided the killer pass for Lake to score the dramatic winner in overtime to down the Devils and earn their first title following the Covid-19 pandemic, and they would add League joy shortly after. Cooper's second season would be even more impressive as, although his own scoring tally declined slightly, he would be part of the Grand Slam winning Giants side that swept all before them by convincingly defending their Cup and League titles. And, fittingly, it was their reliable right winger who rounded it all off with the final goal of the season in their 4-1 Play-Off Grand Final win over the Devils, sealing the third trophy and the clean sweep. With Goodwin confirming his departure following that campaign, Cooper was the man to take over as captain for the 2023/24 season, leading them in the Champions League as they won three of their six group games, but it would be a season filled with team and personal frustration as the Giants ended the year trophy-less and their captain was limited to just 47 games due to a persistent injury. But he would bounce back last season in emphatic fashion with an outstanding final season, breaking the 30-goal mark again in 72 games and adding 65 points as the Giants clinched another Cup and League double, with the captain netting another crucial goal in the final game of the regular season against the Nottingham Panthers to help secure the League. Although the Giants undoubtedly would have wanted him back for a fifth season, the Canadian has decided it is time to move on and he leaves with the glowing praise of head coach Adam Keefe. 'Coops embodies everything we strive for at this club – integrity, resilience, and an unrelenting commitment to the team. He has been a true leader in every sense of the word and someone who set the standard each and every day,' praised Keefe. "Mark's contributions to our success cannot be overstated, and his presence will be deeply missed, both in the locker room and on the ice. It has been a privilege to coach him, and I know he will go on to make a positive impact in whatever path he chooses next.'
Daily Mirror
10 hours ago
- Daily Mirror
Wimbledon star had £19 in bank and was working as Uber driver before big payday
Carson Branstine made her first appearance at Wimbledon this year, but the American-born Canadian was forced to make some drastic decisions to get herself there Carson Branstine once found herself in tears after realising her bank balance had fallen to less than £20. This financial catastrophe ended up leading the tennis star to an unexpected career detour – delivering for Uber Eats. Despite this setback, Branstine made a memorable debut at Wimbledon this year, battling through three qualifying rounds to reach the main draw at the prestigious All England Club. Her first-round match was as tough as it could've got, being pitted against world No. 1 Aryna Sabalenka. She put up a good fight but ultimately was defeated in straight sets of 6-1, 7-5. Although her Wimbledon journey ended early, the experience proved invaluable for her sporting and financial prospects. The French Open junior doubles champion shared her story on the Tennis Channel, revealing her initial embarrassment about her side job and highlighting the harsh economic realities faced by young athletes. Branstine said: "Yes it's true. I was like a little bit embarrassed by it at first when I told you guys, I was like, 'Oh man, is the whole world going to know this?' "But yeah, in February because you know when you are playing ITFs and you're funding your whole life as a young adult, things are expensive. "Living in Southern California, just filling up my gas tank was taking a huge hit at my account, and I'm like, 'Oh my gosh, how am I going to play a tournament, let alone live?'" Branstine opened up about the moment she realised how bad things had got financially, which left her deeply upset and forced her to seek alternative avenues. She said: "So, literally, the days or few weeks before I made my first WTA final in Cancun. "I looked at my account one morning and I saw $26 (£19) in my account. And I was crying, I called a couple of my friends. I didn't call my parents. "I was like, 'Oh my gosh, if they hear about this, like they're going to be so mad at me.' So I was like, 'Okay, this is like, you know, you don't have to think. "'I'm just going to do it.' So I was driving around Los Angeles delivering people's dinner after practice." While Branstine's Wimbledon journey has come to an end after her first appearance, the £66,000 prize money from reaching the first round should hopefully boost her once-empty bank account. And considering this year marked her debut at both Wimbledon and the French Open, things are looking up for her.
The Herald Scotland
14 hours ago
- The Herald Scotland
Scotch whisky distiller - glass half-full or half-empty?
However, Edrington chief executive Scott McCroskie made no bones this time last year, when the distiller reported stellar results for the 12 months to March 2024, about the trading climate by that point having turned somewhat chillier. While voicing his belief back then that Edrington's results for that financial year were 'among the best in the spirits industry', he simultaneously highlighted his expectations as he mulled the outlook that demand would be adversely affected by economic pressures seen in the second half of that period. It is crucial to consider the drop in profits for the year to March 2025 in the context of both the tougher times for the overall industry recently and the growth achieved by Glasgow-based Edrington in recent years. And the extent to which Edrington's profits are ahead of pre-pandemic levels, even after the sharp fall recorded for the year to March, surely provides some reason for at least the half-full types to raise their glasses in albeit a perhaps more muted toast than last year. It has been a big week for both Edrington and William Grant & Sons, with completion of a major transaction first announced last September. Edrington this week completed the sale of The Famous Grouse and Naked Malt brands to William Grant & Sons, which backed the Glasgow-based distiller in its £601 million acquisition of The Macallan owner Highland Distillers back in 1999. Highland was Edrington's joint venture partner for The Famous Grouse blended Scotch. It was interesting to see Edrington and William Grant & Sons highlight how pleased they were with The Famous Grouse and Naked Malt deal after this was completed this week – but more of that a bit later. Edrington on Wednesday reported a 26% fall in pre-tax profits before exceptional items to £274.4m for the year to March 31, as Mr McCroskie flagged a 'hostile trading environment'. Read more Core revenue fell by 10% to £912m, with the group highlighting a 'challenging economic environment' and reduced consumer demand in international markets. The distiller said: 'After a period of industry-leading growth, during which the business has grown significantly, this has been a period in which Edrington experienced the full-year impact of reduced consumer demand.' And Edrington, which has the charitable Robertson Trust as its principal shareholder, flagged increased production and employment costs in the context of the 28% fall in its profits to £291.4m in the year to March 31 on the 'core contribution' measure. Core contribution is defined by Edrington as profits from its branded sales and distribution after the deduction of overheads on a constant-currency basis. Mr McCroskie, as he mulled the current outlook, declared: 'We believe top-line growth will be difficult to come by in this environment, although adjustments to overheads and brand investment are expected to align net sales and core contribution more closely next year.' Amid the undoubted challenges, it is important to recognise there were also significant positives in Edrington's results announcement. While the distiller observed the 'decline in sales was broadly consistent across international markets', it noted that 'exceptions' included 'a resilient performance by Brugal rum in the Dominican Republic and The Macallan in South Korea and Japan'. Edrington added: 'The Macallan 12, 15 and 18-year-old expressions continued to grow in China and the company saw high consumer demand for products launched to celebrate The Macallan's 200th anniversary.' The distiller also declared The Macallan had 'marked a successful 200th anniversary year and recorded its second-highest year ever for sales, reinforcing its position as the world's number one single malt Scotch whisky by value'. And Edrington observed: 'Core contribution was 38% ahead of pre-pandemic levels.' We should take a moment, amid the tougher times for the Scotch whisky sector in general of late, to contemplate and indeed celebrate that tremendous progress. Mr McCroskie reiterated Edrington's focus on 'ultra-premium' spirits as he commented on the distiller's results for the year to March. He declared: 'Our focus on ultra-premium spirits has driven Edrington's growth in recent years and we have continued to execute our strategy despite the hostile trading environment. This includes further strategic investments in our sherry cask supply chain and in reducing our carbon footprint.' Read more And, noting Edrington's completion of its sale of The Famous Grouse and Naked Malt brands on July 1, he added: 'This reflects our choice to focus on the premium end of the market, where we are best placed to compete.' William Grant & Sons was meanwhile upbeat about what it was getting from the deal. It said: 'The Famous Grouse is Scotland's best-selling whisky and one of the top-selling Scotch whisky brands worldwide, renowned for its quality and heritage, while Naked Malt has garnered a loyal following among whisky enthusiasts and has significant growth potential within the blended malt segment.' Søren Hagh, chief executive officer of William Grant & Sons, said: 'I am delighted to complete this acquisition and welcome The Famous Grouse into our portfolio. It is a remarkable Scottish brand with rich history and a strong market position in a number of countries. Over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon. 'We also see a lot of potential in Naked Malt, which will be a great addition to our portfolio. Together, these brands perfectly complement our vision for growth, and we look forward to investing in their future and sharing their stories with whisky lovers around the world.' Hopefully, both Edrington and William Grant & Sons will prosper in the wake of this major deal as they pursue their respective strategies. These are heavyweight players that have been through plenty of ups and downs in terms of the global trading environment over years and decades. And the long-term success of both - taking account of all the benefits this has brought to the Scottish economy and labour market - is surely something to cheer.
