Port Vale takeover is complete

PORT Vale have exited administration after businessman Paul Wildes completed his £1.25m purchase of the League Two club.

Supported by his business partner, Norman Smurthwaite, Wildes’s Alchemy Investment Group’s bid finally went through yesterday evening.

The deal had to be done by midnight before the bidders’ exclusivity period expired with the club’s administrators. That could have led to another offer being accepted from rival bidders.

Vale had been in administration since March.

The club’s new owners received approval from the Football League last week, but had to wait before all the final legal details were in place.

Wildes is a former finance director of the locally-based Caudwell Group, which owned brands such as Phones 4u. He also owns some of the franchise for the hotel chain Holiday Inn.

He set up his own company in 2007, Mansion Group, which he sold three years later, before establishing a new holding company, the Wildes Group.

His stated ambition is to oversee Port Vale’s rise to become a Championship team.

Law firm DWF acted for Alchemy Investment Group on the acquisition.

The team at DWF – which was led by corporate partner Lester Wilson – included national head of real estate Nic Crocker and solicitor, Pamela Chaggar.

Wilson said: “Port Vale have been in administration for quite some time but hopefully this deal will secure the club’s future.

“It was very pleasing to see that the administrators, the Football League, Alchemy and Stoke on Trent Council worked expeditiously together to get the deal over the line in the interests of the club and the supporters.”