Kenwright transfers ownership of Everton in ‘structural reorganisation’
THEATRE impresario Bill Kenwright has transferred his shareholding in Everton Football Club to a separate company as part of a ‘structural reorganisation’.
According to the most recently filed accounts at Companies House, his company Bill Kenwright Ltd paid a ‘dividend in specie’ of £7.5m representing its investment in The Everton Football Club Company Limited.
The ownership was transferred to a separate company under Mr Kenwright’s ownership in January 2009 and he remains the club’s chairman.
The director’s report also shows that pre-tax profit for Bill Kenwright Ltd dropped from £578,000 to £446,000 between 2007 and 2008.
The company’s turnover jumped from £28.8m to £46.1m – or 60% over the same period on the back of a raft of successful new productions and European tours.
Mr Kenwright, the company’s only director, also decided to make a dividend payment of £1m after forgoing a payment the previous year.
His borrowing from the company also fell from £988,000 in 2007 to £474,000 last time.
These figures cover the year to December 31, 2008, but the director’s report also assesses the business’s fortunes in recent months.
The accounts also show that the company invested £16.1m in the production of Cheri, a film starring Michelle Pfeiffer, which was released last year.
The report said: “During 2008, the company produced a total of 18 shows including a Joseph and the Amazing Technicolour Dreamcoat, Blood Brothers, Cabaret and Evita.
“The majority of our profits continue to be derived from our core business of producing quality theatre plays and musicals.
“However, this year’s figures for turnover and cost of sales have risen by the inclusion of the production of the feature film ‘Cheri’.
“Despite worsening economic conditions in the second half of 2008 and continuing into 2009, the quality of the group’s productions has continued to attract substantial audiences.
“The group is performing strongly and is expected to report a healthy profit for 2009 and the director is confident that the group will continue to prosper throughout 2010 and beyond.”
