Hemmings set to rescue troubled Preston
TREVOR Hemmings is considering a takeover bid for Preston North End.
The Lancashire tycoon already owns 28% of the Championship club through his Guild Ventures vehicle.
In a stock market statement the club said a company associated with Guild, Deepdale PNE Holdings, was now involved in offer talks which would value the AIM-listed club’s shares at 5p each.
The shares, which were suspended on May 14 after the club was served with a winding up petition for unpaid tax by HM Revenue & Customs, were last traded at 95p.
The club said: “Whilst these discussions are ongoing, there can be no certainty that an offer will be made or as to the terms on which any offer would be made. A further announcement will be made in due course, if and when appropriate.”
Preston is looking for ways to resolve its financial difficulties and is already heavily dependent on the support of Mr Hemmings through Guild Ventures which has now loaned the club a total of £13.8m.
Half year results for the six months to the end of December last year showed the club was starting to reduce losses and boost revenues. Losses halved to £2.3m as turnover rose to £5.2m in the period, but was still below the total wage bill of £5.84m.
Mr Hemmings’ biggest sporting interest is in horse racing, not football. He is the owner of more than 100 racehorses. He owned Hedgehunter, which won the Grand National in 2005.
