Former Terras' directors dismiss claims by chairman Rolls (From Dorset Echo)

Former Terras' directors dismiss claims by chairman Rolls

9:40am Friday 5th March 2010 in

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MEMBERS of Weymouth Football Club’s previous board of directors have dismissed suggestions that they concealed debts from George Rolls.

Shaun Hennessy and Paul Cocks hit out at chairman Rolls’ accusations but also expressed concern about creditors missing from the current list, while Ian Winsor said he was disappointed with the way the figures had been portrayed.

Rolls made the claim after telling Echosport yesterday that he was to seek a Company Voluntary Arrangement (CVA) to help keep the beleaguered Terras afloat – warning fans and creditors that the club could cease to exist if it is not accepted.

“I think it’s a very sad day that the club is forced to do this but it has been on the cards for so many years,” said Hennessy. “Since the land deal has been done, the club has been staggering along but something has to be done to save it at some point.

“There is a hell of a lot of money owed to businesses in Cambridge and people with Lithuanian connections. Hopefully, come the meeting, everyone will be able to justify their claims.

“I can see that the creditors’ list is not complete and I’m concerned at that. I can think of four or five people that are owed money and have been for a long time.

“There are unpaid staff members that should be on the list and I’m surprised that there is money claimed from ex-employees that hasn’t even been proved yet, so one is assuming George is not going to fight anything.

“The same goes for Alan Lewer, which was not fought despite a fair amount of evidence that would have been interesting to listen to in court.”

Cocks backs up Hennessy’s claim that cases against ex-employees Andy Cooke (on the list as owed £104,000) and Lewer (£25,000) should have been fought in the courts and also questioned how the club’s debt has risen since Rolls was handed control of Weymouth FC.

Cocks said he sent an email to Rolls on November 12, detailing debts of £532,789, but the CVA document said the total now stands at £832,312.45.

“He is trying to say there are debts he was not told about but that is not true,” said Cocks. “What he has done is add things like Alan Lewer’s claim, which he should have been fought, and the Andy Cooke claim.

“The previous board says Andy Cooke does not have a claim against the club. George Rolls dismissed him and has decided to accept the claim.

“That has got it up to around £650,000 and then he has added in £200,000 or thereabouts from him, his associated companies and his associates.”

Winsor, who has been assisting Rolls since the takeover, commented: “I’m a bit dismayed with the list. That makes the club look a lot worse than it possibly is.”

He also pointed out that the current debt would be less than £500,000 if the money owed to Rolls and associates, the Terras Saviours, Lewer and Cooke, was taken away.

Winsor added: “I’m disappointed with the way the figures have been portrayed, they don’t need to be portrayed like that.”

Hennessy also expressed concern at the level of input from Rolls and his fellow directors without the debt reducing.

He said: “Nothing was hidden from him, everything was given to him and all his questions answered.

“He had ample time to do his due diligence and we assumed he was happy with what he had done.

“Obviously the way George has been running the club, manager and player-wise, he has reduced the outgoings wages-wise so hopefully you would have seen the debts shrink.

“Considering around £200,000 has been put in you would expect them to be shrinking dramatically. I’m somewhat surprised they are growing but I’m sure business-wise there is a reason.

“He knows what he’s doing, he’s a competent businessman, and I wish him all the luck and I hope the CVA gets accepted.”

Hennessy and Cocks were part of the board that previously considered a CVA but decided against it because of the fear they would be thrown out of the Conference.

Although the current total debt stands at £822,312.45, Rolls told Echosport yesterday that he expects it to break the £900,000 barrier by the time creditors decide whether or not to accept the CVA at a meeting in London on March 26.

Should the CVA be accepted by 75 per cent of creditors then all will receive 9p in the pound over five years – reducing the predicted £900,000 total to just over £80,000.

Malcolm Curtis, who could derail Rolls’ CVA bid as the debt stands, did not wish to comment.

The Terras’ former chairman is the club’s major creditor and is still owed £224,459.55 through his companies Project 20, Wessex Park and Wessex Delivery LLP – 27.3 per cent of the current £822,312.45 total debt.

That means even if every other creditor was to agree to the CVA in the debt’s current state, a no from Curtis would see Weymouth FC facing the prospect of liquidation.