Who Are the New Bidders for Rangers, or Sevco 5088 or Sevco Scotland…

In which I look at the new bidders on the scene regarding Rangers, wonder where they have made the money to buy the club, and point out that they have had a wee difficulty with paperwork in the past.

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Please welcome aboard Aleftav Ltd. According to Chris McLaughlin of the BBC, this company, owned by two Glasgow land developers, is willing to bid £11 million to buy “Rangers” from Mr Green’s consortium. Quite what they are looking to buy is not yet clear. Is it Sevco, or Sevco 5088 or Sevco Scotland or Steve Ovett or the assets and business of Rangers?

No! I wanted a picture of SEV Co!

 As Mr McLaughlin reported earlier today:-

“Allan Stewart and Stephen McKenna plan to bid about £11m for the club. They hope to run Rangers for two to three years before floating the company on the Stock Exchange and handing the club over to the fans.

A source close to the bid said: “The money is in place, it’s now up to the owners. I believe people who know Scottish football should be in charge of the club. The plan is to run Rangers for a few years before handing the club and the stadium back to the fans.”

Hands up who thinks the “source close to the bid” is either Mr Stewart or Mr McKenna?

The business plan, from the brief offering given, seems to fit the MO of Mr Green – get in, float, get out with a good profit. Messrs McKenna and Stewart are wanting to give Sevco an instant profit of 100%, less expenses and costs of course, and then to reap the rewards for themselves. However, as Mr King pointed out yesterday do they have the money to run Rangers over and above what it will cost to buy it?

Aleftav Ltd was incorporated in August 2010, and Messrs McKenna and Stewart are the only Directors. It does not, at least according to its most recent accounts, have the money to buy Rangers for £11 million.

They have been directors of many companies together, Duedil .com listing over 35 for each. However none seem to suggest that they have generated the funds to enable them to have £11 million in place from their own funds.

A piece in the Daily Record in 2010, referred to one of their companies being wound up for an unpaid tax debt of £78,000, but stated “In an interview in 2007, the partners claimed they had made £134million the previous year after selling 14,000 flats worldwide.” So they might have lots of money saved up.

They also run a charity, the Stewart and McKenna Foundation, which has given around £183,000 to good causes over the last couple of years for which accounts are available.

Of course they may well have borrowed the money to buy Rangers – but would a prudent lender advance such a sum where there is no certainty that the company which they are looking to buy will still be in existence in a fortnight? Or is this the indication that there is money to be made from, Ibrox and Murray Park, but only as land deals?

And, on a side note, Messrs Stewart and McKenna seem to have had the problem with accurate paperwork which dogged Duff & Phelps from time to time, and Mr Whyte too.

One of their companies is Stewart and McKenna Holdings Ltd. This company was formed in 2007 with both men as Directors. Mr McKenna is shown as having resigned as a Director on 31st March 2011, with the relevant form arriving at Companies House on 5th April 2011. However, have a look at Page 5 of the following document stewart-and-mckenna-holdings-limited which is page 2 of the accounts. It states that the listed Directors have been so up to the date of the accounts, 9th June 2011, and the accounts are signed by Mr McKenna, as director, that day. But he had resigned over two months previously!

Bearing in mind how many companies these men have been involved in, and on the basis that they are successful land developers, we can forgive a simple lapse of paperwork. After all, neither Companies House not the accountants who prepared the accounts seem to have noted the error.

Reports suggest that Messrs Stewart and McKenna have been about the deal for a few months. In that case, it looks as if a delay in putting in their bid may have cost them a few million pounds! On the other hand, as it is being stated that Mr Green has no intention of selling, a cynic might see this as a way for the two developers to get their names in the news in a positive story. Thankfully I know that my readers are not cynical.

 

Posted by Paul McConville

 

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54 Comments

Filed under BBC, Charles Green, Football, Rangers

54 responses to “Who Are the New Bidders for Rangers, or Sevco 5088 or Sevco Scotland…

  1. If Sevco were to sell on TRFC so quickly for such a large profit, could Duff & Phelps be charged with not attaining the full market value for RFC?

  2. Littlerabbits

    Your (ahem) picture editor is really on the ball these days Paul!

  3. Antonious F

    I just found a fiver in a pair of old jeans i haven’t worn in a while. happy days- might stick a bid in myself, everyone else is…

  4. Hugh Jarse

    You couldn’t make it up!

  5. Mick

    More crooks wanting at the carcuss

  6. Chris

    Paul,

    If the club is just an asset, what is the attraction to the fans in floating? By definition the shareholders own a part of the company, not the assets, so they can never own a part of the club. All they would be doing is pumping money into a holding company.

  7. Mick

    Just am a billionire and a want to buy the club

  8. Mick

    A hope they leave it to green a think green is the way forward for them

  9. Mick

    The soside cumbie want it now gangster mates no dout

  10. What a sad and fittingly pathetic ending to this disgrace of a dead football club. Most of the bidder’s lining up to buy the carcase are only interested in picking the bones and making a few quick bucks …nothing else worth bothering about. What will the bemused supporters get for their season ticket? A seat to the latest auction to buy bits from ibox while the tumble weed blows across the park…everyone else has ‘walked away’…

  11. weegie

    Details of background to these new people at this link to Glasgow Herald http://www.heraldscotland.com/news/home-news/questions-over-businesses-linked-to-purcell-1.1042006 Sound familiar?

  12. Dhougal

    Funny stuff Paul ,lovin the photos

  13. Davie b

    do WDM, the accountants have any links to CW?

  14. Mick

    An praying it’s the land deal senario

  15. Mick

    An praying it’s the land deal senario That’s the end then and Glasgow can move on from this

  16. pity the bbc didnt do the digging you did before gushing forth ..is this chris mclaughlins scoop

  17. k

    Hello Phil, I know it’s a little of subject, please indulge me.
    A Mexican standoff ??
    Fans of all clubs including rangers, (I know there is no rangers). There are still rangers fans, (My best friend, my beautiful girlfriend), HMRC, the SFA, the SPL, political interests, multi national interests including, MSM, UEFA, FIFA , etc, personal interests, agendas galore! A question? What about football? What about football in Scotland? Although I do not watch TV, I have followed Alex Thomsons blog online since he picked up the story of rangers and to be honest, his story on the horror in Syria is of more of a concern to me. To get to the point, is there not a diplomatic solution to all of this, one that is fair to all the demographics of Scotland and beyond? A solution that ensures a prosperous future for Scottish football and all the people of Scotland? Fans of football or not? Victory is sweet, any football fan knows that, but history shows us that the victor should beware of rewriting history or imposing overzealous sanctions, so beware calling victory. Is it time for a negotiated settlement that is beneficial to all sporting institutions and football clubs in Scotland. Troubling times indeed.

  18. I am fearful of the next time i go out for a drink….i might just stick in a bid myself.

    Why not? everyone else has had a shot now……..

    It is actually at the stage now that: Does anyone honestly care??

    Personally, i am at the stage i couldn’t give a rats toot what happens to Rangers now. They should have saved us all the traffic congestion building the new S.E.C.C building by sticking a roof on ibrox and holding concerts there…..

  19. Project Walliams

    Could it be that we have a new bidder? Or is it that there are only 2 sides in the fight over Rangers:
    – CG pressurising the SPL (chairmen) into voting them in with stories spun of Sky Deals, flits to England, Loss of earnings;
    – WS using the MSM to pressure CG into selling quick and cheap with disruptions and misinformation that put doubt into the minds of the Season Ticket buying bears – a primary source of working capital.

  20. kennymcluskey

    I put some details of the sevco companies on RTC last night. I could not however find director details for Sevco (Scotland) ltd. With the various contacts or data bases you use, could you please enlighten me.

  21. kennymcluskey

    I believe their is a possible link between CG and Joe Bloggs in company X, and Joe bloggs and CW in another.

  22. deekbhoy

    Paul on the ball as usual.

    However I wonder if you or any of our learned bloggers can enlighten me.

    My question is why do they (Green and co) have ‘two sevco’s’ kicking about? I believe we have Sevco 5088 Ltd which have ‘bought’ something from D&P which is reported to be the ‘business’ which includes assets such as Ibrox/Murray Park and other attendant bits of the liquidated former football team, RFC(IL). Not sure when this transaction formally happens but I believe it is 30 July 2012.

    My understanding that this company is registered in England, (does that make any difference?) but there is also a Sevco Scotland Ltd (address Ibrox with C Green as sole director) which is registered in Scotland.

    Why do they need two sevco’s? Is there some sort of ‘switcheroo’ that requires this second company to undertake. If so what is the ‘benefits’ of such a switcheroo?

    Or perhaps after all my recent exposure to the murky world of insolvency over the past few months I have become too cynical and distrustful.

    • Hugh Jarse

      I would imagine that Sevco 5088 wold be the holding company but that a Scottish Company has been incorporated for the day to day operations in the unlikely event that they need to operate a football club in Scotland.

    • weegie

      Maybe SFA rules insist that a club has to be owned in Scotland; original Sevco was an English company.

  23. Waterygrave

    Brilliant, Rangers being taken over by a Celtic fan (depends which paper you read) and moving to Bury!

  24. celtic1888

    This piece was Inspired by the recent celticunderground podcast and is called “RANGERS HAVEN’T SPAT ON ANYONE”
    http://forthewaywelivetoday.blogspot.ie/2012/06/21.html

  25. Garry Noakes

    Nice one Paul.

    These will be the greater fools I posted about last week!

  26. Hugh Jarse

    Unbelievable comments from Romanov on Hearts website. That’ll be a NO to Newco!

  27. Anne Duff

    An intervention of Biblical proportions:
    Aleftav Ltd is being used by the businessmen Stephen McKenna and Allan Stewart in their dealings with Sevco 5088.

    ‘Alef’ is the first letter of the Hebrew alphabet and ‘Tav’ the last.

    AlefTav would be a fitting name for the last RFC company for surely it is ‘the end’.

    Isaiah 46:10
    At the beginning I announce the end,
    proclaim in advance things not yet done;
    and I say that my plan will hold,
    I will do everything I please to do.
    Amen

    Slán,
    Anne Duff

  28. ian lewis

    Aleftav is clearly based on “a left half”.For our younger readers that is what we called a midfield dynamo such as Davie MacKay or more appropriately a strolling midfield general of which Jim Baxter late of this parish is a great example.

  29. Niall Walker.

    Sounds like a plant by Charles Green to blackmail the fans into buying season tickets or else. The newco is already a shambles and it can only get worse, they shoot horses don’t they ?

    I will be surprised if Rangers does not change hands within a year, possibly via administration.

    • Hugh Jarse

      Hi Niall,

      Rangers are shortly to be liquidated, they are dead. Charles Green’s company isn’t Rangers and it looks increasingly unlikely that it will play football next season.

      I dont think Sevco will go into administration – after all it is just a property portfolio with no employees and minimal running costs – but i do agree that the assets of the former Rangers FC will probably change hands in the next 12 months. Time will tell if it’s to a football club though.

  30. Hugh Jarse

    Tick

    Tick

    Tick

    Tick

    Booooooooom!

  31. KD

    First Hearts,now Dundee United……Who’s next to declare for the “No” vote?

  32. Jeremy Janefield

    The more i look at this epic saga and its various strands the more i am agreeing with people who are saying they wont be playing anywhere next season.Praise the lord!

    • mick

      celtics former and i repeat former rivals are gone there no more sevco are a dream made by a fantised call c green its over once its no league then green has to look after the consortiums intrest and find a buyer for the land green owns the land thats all he will still make a tidy profit .does tesco spring to mind

  33. Dan Richards

    Makes you wonder about what the property company, Worthington Group PLC majority owned by Whyte and the Earley brothers will play in this Rangers mess in the future.

    • mick

      maybe they will make abid when the soccer team fenture is finally but to rest and greens backers demand a return now rather than a loss later thats show business was it the broucher that miller read and discovered a 40mil black hole and pulled out of or did they do green a new 1 either way its all over as sevco have no chance and thats the bottom line

  34. mick

    say no to the new co and give the national team a better chance of success since the financial doping the national team has nosed dived thats the only reason for saying no forget the cheating the fact they ant even a team ,give scotlands youngsters a chance a the champions league now celtics former rivals rfc are dead its time for scottish football to step up and take the chance at the big time the big 2 is now a big 1 and the big 1 wants to help creat a new beginning for the good and future of the scottish game

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