Why Sevco want the money trail to be kept under wraps

One thing that any distressed company tries to avoid is the truth getting out there.

Back in the summer of 2011, a business journalist told me that my coverage of the Whyte regime was killing them.

My colleague said that my scoop of the Sheriff Officers entering Ibrox would shatter the confidence of their suppliers etc.

Consequently, many of them might be moved to demand money up front for goods and services.

With Sevco it is a very similar movie.

When the Lloyds chaps left the Big House in May 2011 Rangers (1872) was a loss-making business without a credit line from a bank.

Mr Whyte had paid them with the money that he had bought from Ticketus.

Sevco is also a loss-making business with no credit facilities from a bank.

They do have a secured loan from Close Brothers.

This was fed to the Stenography Corps as an overdraft.

As with the press release that described Mr Craig Whyte as a “billionaire” they obediently regurgitated it.

At the moment as dignified squirrels circle overhead at Ibrox, it is vital to follow follow the money.

Tonight I learned of some intense negotiations that took place three weeks ago.

An impeccable source has informed me that a senior member of the Hamilton Accies regime was spooked to learn of an arrestment order at Sevco.

This prompted the New Douglas Park outfit to approach the six-year-old club.

They were concerned that the basket of assets might have trouble paying the tranche that is due in the summer for Greg Docherty.

I’m told that the sum is £350k.

Apparently, Sevco offered the Accies £200k.

After some negotiating the sum of £275k was agreed and duly handed over.

I understand that the balance will be paid in the summer.

My information is that it was the Serious Professional who handled the Sevco side of the horse trading.

This vignette is worth reporting in that it shows what is happening behind the Quintessentially British facade.

As I have previously reported there are several Sevco suppliers who are now becoming increasingly concerned about late payment.

Of course, if any of the details in this report are in anyway inaccurate then I will be happy to print a correction.

However, that would require the Sevco Press Office getting in touch.

They tend not to do that when your humble correspondent contacts them with forensically precise questions.

Despite the fact that my emails have this attached.

 

Finally, spare a thought for the Stenography Corps as they’re at the Press Awards tonight.

The playwright in me wants to take that annual dignity fest onto the stage.

For the avoidance of doubt, it would be a farce…

Discover Phil’s dramatic play Rebellion