During the Rangers administration process it was highlighted on line that the Duff and Phelps creditors’ report on the 10th of July showed what could be a serious misdemeanour, or at best commercial misjudgement, with the catering accounts. It was highlighted here in the comical piegate and its sequels (comical because it was pie joke after pie joke)
For any one wanting a quick refresh here’s a link : https://scotslawthoughts.files.wordpress.com/2012/07/rangers-fc-plc-interim-report-by-duff-phelps-10-july.pdf
The most highlighted part was the
Food and Beverage Sales
Catering / Food and Beverage
the above is from the 10th of July interim report.
As we all joked they bought pies for 3 pound and sold them for 1 or was it some thing else ? There were also repeated attempts via contacting the suppliers and ibrokes and Duff and Phelps but no one seemed to be able to answer what we were asking at the time and it died a death but now the club is up and running with new owners after liquidation, we can focus on it again and try and figure out why there’s a gap.
When Duff and Phelps completed the sale to Charles Green they issued a Final Report on Rangers Football Club (In Administration) so I was well interested in seeing the numbers surrounding the pies.
Food and Beverage Sales
Catering / Food and Beverage /cleaning costs
the above is the 27th of September final report.
So since piegate the figures have been altered and they have added the cleaning bill in but still no explanation made public to stakeholders to explain the gap. Here’s a link for the final creditors’ report to refresh over
D&P to me are not telling the whole picture here. Apart from the undervalue sale there are other matters needing cleared up here. Don’t forget BDO and Mark Daly took a interest in it so if you are a stakeholder, don’t worry the truth will come out and justice will prevail and any wrong doing will be corrected via Scots law and judging by the above I don’t think it will be not proven.
Anyway, another thing to come to light via the passage of time was AZURE the caterers at ibrokes who after liquidation were brought back on board to do the catering. Here’s a quick look at the company’s website and profile of ibrokes http://www.azurecatering.co.uk/venues/glasgow-rangers-fc/ They are based in Middlesex and well good at serving succulent lamb and fine wine. I wonder if jabba made them keep the original supplier in turn for lots of coverage or was this already decided when they bought the pies back in Feb to June?
I could go on and on all day and night here with this but I won’t and in my final thoughts and conclusions I will just say BDO will want to see the invoices for all the above figures and if you have been to ibrokes and had a tummy bug it might be the oldco pies stored in the fridge from last season to make up for the loss due to liquidation. Or was it a phantom sale to cover the loss by Azure. There are lots of unanswered questions surrounding the undervalue sale. If justice prevails here I think D&P might be joining SDM and Whyte in 1 of Her Majesty’s finest hotels.
(Editor’s note – any references to Her Majesty’s hotels are intended purely in jest by the writer and no implication of criminality is intended, nor should any be inferred in respect of any of the parties referred to in this post – thank you.)
Don’t forget Craig Whyte put Azure via financial deal involving close brothers (no handshake jokes from me) so if Whyte’s deals are following over from oldco to newco where does this leave Ticketus?
Azure used to be owned by ex-Rangers chairman Sir David Murray.
At the moment I feel we’re only biting at the crust although through time I think we will be hitting the steak and gravy. I have a feeling it will be well juicy. It looks like its just the taxman and the fans that have lost out here.
Posted by mick