Ex-LFC star Gerrard ‘£300k out of pocket’ after business venture closes

Former Liverpool FC captain, Steven Gerrard, has reportedly lost more than £300,000 in a business venture with a friend.

The Liverpool and England midfielder, who is now a manager, backed Mark Doyle in setting up a healthy water business, Angel Revive, which was incorporated in January 2017.

But the venture has no funds and the company website says the business is “permanently closed”.

Registered in Burscough, Angel Revive operated premises on Sandwash Business Park in St Helens.

It claimed to be the only naturally alkaline water brand produced in the UK.

It said its water “trickles down through multiple layers of mineral rock across the Pennines into an aquifer, a naturally formed underground chamber deep in the earth protected from all outside contamination.”

It said: “Angel Revive is collected at source, UV tested for safety and then bottled locally. The water from the aquifer remains untouched by humans throughout the entire process giving you water as pure as nature can provide.”

The company’s backers, including Gerrard, had invested £2.5m into the business.

Its first micro company accounts, filed in October, 2020, revealed net current liabilities of £931,912 and a six-strong workforce.

The next filing, in April 2022, showed net current liabilities of £788,483, but no registered employees.

The accounts said: “The company is dependent on the continued financial support of the directors and shareholders. The directors have considered a period of not less than 12 months from the date of the approval of these financial statements and in their opinion the company is a going concern and will continue to operate.”

Accounts filed in August, 2022, showed net current liabilities of £543,477 and the continued support of the directors.

The April 2023 filing revealed net current liabilities of £584,560, but the accounts revealed that capital and reserves included £900,000 (£3.4m 2021) of unissued share capital reserves which represent investment loans from directors and shareholders that were agreed to be converted to equity pre-year end between the relevant parties.

The accounts also revealed that the company had a seven-year premises lease commitment of £64,050 per annum which began in April 2019.

They said that, as agreed between the landlord and the company, none of the rent due under the lease agreement to date had yet been paid. However, a charge of £213,500 for the rent due to 31 July 2022 had been accrued in these financial statements as the charge had not been discharged and the company financial commitment still exists. The remaining total commitment for the whole lease term was £448,350.

Accounts filed in April 2024 showed net current liabilities of £522,454, and confirmed that the unpaid rent was £266,356 in total. The notes said: “Reconcilability will depend on the future success of the company. The remaining total commitment for the whole lease term including the accrual to date less payments made is £431,560.”

Then, the last accounts to be filed in April this year showed a net current liability of £542,220 and the unpaid rent had risen to £286,265, with the remaining total commitment for the whole lease term, including the accrual to date less payments made, of £398,353.

They also stated: “The company has negative reserves at the balance sheet date and is dependent on the continued financial support of the directors and shareholders.”

Reports say Gerrard held a 25% stake in the business and, according to The Sun, had pumped £371,524 into the venture. He is believed to have only received £50,000 in repayment.

Gerrard also acted as an ambassador for the business, calling it “the superhero of waters in purity, nutrition and healthiness”.

Angel Revive enjoyed a following of more than 34,000 users on Instagram but has not posted since December 2021.

After retiring as a player Gerrard began his managerial career with Glasgow Rangers, where he won domestic honours, before moving to Aston Villa, where he was dismissed, opting to then join Saudi Arabian side, Al-Ettifaq, which he left in January this year.

He is back on Merseyside, but is believed to be among the front runners for the vacant Glasgow Rangers job.