I believe Paragon is now in administration

[Chicken Balti Pie]

Kieran Mcguire who broke the story a month or so ago saying Notts were up for sale,this was rebuffed at the time by AH local media is saying Paragon were footing Notts £30k+ a week loses

Where is that showing in the account because I can't see it. Paragon leisure is a totally separate entity to paragon interiors plc, the only common thing is Hardy is owner of both. Can anyone point me in the accounts showing me where Paragon Interiors loaned money to either Notts or Paragon Leisure please? I can't find it. I'd have thought the debtors column for Paragon Interiors would have significantly increased in 2017 had they loaned us the money but it actually decreased from the year before. Maybe Hardy is absolutely spot on saying it doesn't impact Notts?

[mark45]

https://twitter.com/KieranMaguire/with_replies

[centenarypie]

Where is that showing in the account because I can't see it. Paragon leisure is a totally separate entity to paragon interiors plc, the only common thing is Hardy is owner of both. Can anyone point me in the accounts showing me where Paragon Interiors loaned money to either Notts or Paragon Leisure please? I can't find it. I'd have thought the debtors column for Paragon Interiors would have significantly increased in 2017 had they loaned us the money but it actually decreased from the year before. Maybe Hardy is absolutely spot on saying it doesn't impact Notts?

Not sure if this helps answer your questions but the latest football club accounts filed in April 2018 clearly identify that NCFC only continue as a "going concern" with the backing of a parent company. Paragon Leisure Group are clearly identified as the ultimate parent company with Paragon Interiors Group as a related party. The clubs debt at that time stood at £6,295,890 of which £4,364,139 was owed to the "company's parent undertaking" (presumably Paragon Leisure) , the debt was unsecured with no fixed repayment terms but with interest at 4% per annum.
I am no accountant but that doesn't look good for any party

[ncfcog]

Not sure if this helps answer your questions but the latest football club accounts filed in April 2018 clearly identify that NCFC only continue as a "going concern" with the backing of a parent company. Paragon Leisure Group are clearly identified as the ultimate parent company with Paragon Interiors Group as a related party. The clubs debt at that time stood at £6,295,890 of which £4,364,139 was owed to the "company's parent undertaking" (presumably Paragon Leisure) , the debt was unsecured with no fixed repayment terms but with interest at 4% per annum.
I am no accountant but that doesn't look good for any party

It's bad for the parent companies because there is no security on the loans although it is likely AH may have personally guaranteed them, but we don't know that.

AH is in the sh1te, by taking over at Notts he has financially ruined his otherwise profitable business which have essentially funded his vanity project.

It's really quite simple, he has to find a buyer for Notts asap. He will need that money to try and allay some of the issues currently being experienced within the Paragon Group of companies. Quite frankly if he doesn't find a buyer in the next few weeks he is in the mire big time, as are his business interests and of course Notts.

Also regarding another posters comments about HMRC, I believe it is still the case that when a company goes into admin or is liquidated they become a creditor just like any other supplier and have absolutely no debenture rights over any tangible assets at that time.

[Simon the Pieman]

Anyone know what's happening to the Golf Club? I don't think shop fitting is very good business in the current climate.
It's easy to be wise after the event but knowing Hardy, as we do, are we in any way surprised at what has happened?
I'm sure my wife will find plenty of things for me to do on Saturdays!

[cher1]

It's bad for the parent companies because there is no security on the loans although it is likely AH may have personally guaranteed them, but we don't know that.

AH is in the sh1te, by taking over at Notts he has financially ruined his otherwise profitable business which have essentially funded his vanity project.

It's really quite simple, he has to find a buyer for Notts asap. He will need that money to try and allay some of the issues currently being experienced within the Paragon Group of companies. Quite frankly if he doesn't find a buyer in the next few weeks he is in the mire big time, as are his business interests and of course Notts.

Also regarding another posters comments about HMRC, I believe it is still the case that when a company goes into admin or is liquidated they become a creditor just like any other supplier and have absolutely no debenture rights over any tangible assets at that time.

I think that's a pretty fair summing up. HMRC would be just another creditor (think that's changing - again - in 2020). It's Paragon's administrators we need to be worrying about.

[Chicken Balti Pie]

I think that's a pretty fair summing up. HMRC would be just another creditor (think that's changing - again - in 2020). It's Paragon's administrators we need to be worrying about.

Paragon's adminstrators would be better off hoping we're sold for a million rather than recalling the debt and them getting 1p in the pound. That way they get £1m back rather than £70,000. They're smart, I suspect that they will want full assurances these potential new owners are real, if we aren't in adminstration in the next couple of weeks, I suspect that they're the real deal and the adminstrators are happy with the deal, a deal of which is now most likely out of Hardy's hands

[placidpie]

I think that's a pretty fair summing up. HMRC would be just another creditor (think that's changing - again - in 2020). It's Paragon's administrators we need to be worrying about.

It might take a while to unravel everything at Paragon. I'd say the most immediate problem is that without further input from them, how will bills be paid here? The next few weeks will tell, I'd think because no one owed money will want to risk extending credit terms?

[Old_pie]

Until just now I thought that Paragon had merely loaned NCFC monies. However Companies House is showing Paragon Leisure Group has having at least 75% shareholding.

https://beta.companieshouse.gov.uk/c...ficant-control

I'm not sure how relevant that is though. If I hold shares in BT or BP and I go bust that doesn't affect those companies. Perhaps someone on here knows.

Paragon Leisure Group (#07838070 ) is still showing as Active and presumably will until the administrators resolve the company's future.

[cher1]

It might take a while to unravel everything at Paragon. I'd say the most immediate problem is that without further input from them, how will bills be paid here? The next few weeks will tell, I'd think because no one owed money will want to risk extending credit terms?

I suppose the awful reality is that bills wont be paid. That's happened countless times at Notts in the past.