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Thread: Why The EWM Woollen Mill Limited Liquidator May Not Take Brunton Park

  1. #1

    Why The EWM Woollen Mill Limited Liquidator May Not Take Brunton Park

    Mistake in title which should be Why The EWM Limited Liquidator May Not Take Brunton Park

    The liquidator of EWM Group will of course gather in value from the assets of those
    companies in the group that are in liquidation including EWM Limited, which is where
    the Carlisle United 1921 debt is. The 1921 debt is an asset of EWM Limited. It is
    almost £3 million and 1921 cannot begin to pay it, therefore club assets can be
    taken into the ownership of the liquidator and sold for the benefit of EWM Limited's
    creditors.

    The Tangible Assets valuation in the latest Carlisle United 1921 accounts is £8.2 million.
    Thus Brunton Park must be valued at approximately £6.5 million. Of course such a valuation
    is utter nonsense.

    Brunton Park has zero value as a football ground. No football club will want to buy it.
    The real value of Brunton Park is as a piece of land whose owners will never get permission
    to build houses or business premises on. This is because of not only the possibility of flooding
    but also the actuality of such flooding twice in ten years. Any new owners would also have the
    cost of demolishing the stadium. So given that there are few possible uses for Brunton Park and
    there is a lot of land around the city which is of a similar disposition and there is a lot of
    other land for which planning permission certainly will be given for erections, a common sense
    view has to be that the value of Brunton Park is probably no more than £0.5 million. Maybe a
    farmer would buy it to use it for the grazing of cattle, sheep etc.

    Therefore the EWM Liquidator may well not want to use his right to take Brunton Park from the club.
    He will want to get the maximum value for the creditors of all the various companies that Philip Day
    has abandoned but he will want to do it in as short a time as possible. For the reasons given above,
    Brunton Park may take a long time to sell. To keep the liquidation process unfinished for the amount
    of time necessary to sell Brunton Park for a relatively modest price would not be in the best interests
    of EWM Limited creditors and those creditors of the other companies in the group.
    Last edited by Dick Large; 16-11-2020 at 10:41 AM.

  2. #2
    Join Date
    Jun 2020
    Posts
    57
    EWM Woollen Mill Limited Liquidator. So the EWMWMLL?

  3. #3
    You will have seen the correction in the first line of the first post.
    Last edited by Dick Large; 16-11-2020 at 11:40 AM.

  4. #4
    Join Date
    Aug 2003
    Posts
    386
    From what Iíve been told and others too itís no secret the debt will go to the administrators and PD has no interest in it.

    Therefore itíll need paid off, wonít be important at the moment though or top of the list.

    Iíve no idea whatíll happen, the administrators will want the money back as soon as possible though.

    The succession plan is interesting. Apparently they was PR announcements ready for EWMs take over. But did they really want to take over? It took an awful long time from that moment to now 20 months.

  5. #5
    Join Date
    Aug 2002
    Posts
    15,759
    Thanks to the PGs, Jenkins’ son will now be stamping his foot.

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