Pinnacle creditors receive ‘substantial sum’ from Notts County
Notts County’s last-minute reprieve from being wound-up saw a “substantial” sum returned to the liquidation of Pinnacle Advantage’s for the benefit of its creditors, according to liquidators.
Andrew Pear and Michael Solomons of BM Advisory, the restructuring, recovery and insolvency firm, were appointed Joint Liquidators of Pinnacle Advantage (“Pinnacle”) on 27 June 2016.
One of Pinnacle’s directors was former Notts County chairman Ray Trew, who sold the Club to current owner Alan Hardy in January.
BM Advisory said Manchester-based staffing and payroll services firm, Pinnacle, experienced cashflow difficulties after Notts County failed to repay loans in excess of £600,000 originally authorised by Trew when he was in charge at Meadow Lane.
On 24 May an eleventh-hour out-of-court settlement was reached with Notts County.
BM Advisory wouldn’t confirm if Pinnacle had received the full amount owed to it. A spokesperson for the company said: “We are not able to disclose the precise terms of the settlement but it represented an excellent recovery for the creditors.”
Pear said: “On appointment as Joint Liquidators of Pinnacle Advantage Limited, we immediately set about realizing assets and recovering debts due to the company in particular that of one of its main debtors, Notts County Football Club. When payment was not forthcoming a statutory demand was issued resulting in a petition to wind up the Club.
“Following extensive discussions with the Club, we are pleased to announce that we were successful in negotiating a settlement just moments before the winding up petition hearing was due to commence.
“The settlement, which provides a substantial recovery to creditors of Pinnacle and saves the Club from liquidation, was effectively orchestrated following months of work undertaken in evidencing the claim.”
Hardy, meanwhile, remained calm about the events. The day after the settlement was made, he tweeted: “It was the least dramatic event of the week.”
