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Frazer Eagle in administration!


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I hear the administrator has ordered that all trading should cease, pending a buyer coming forward. It was hoped that they were allowed to continue with club transport, but looks like this is no longer the case.

Does anyone know what is happening to Saturday's trip to Dons? Has alternative coach company been brought in?

How is the team going to travel?

Edited by Fyldelatic
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I hear the administrator has ordered that all trading should cease, pending a buyer coming forward. It was hoped that they were allowed to continue with club transport, but looks like this is no longer the case.

Does anyone know what is happening to Saturday's trip to Dons? Has alternative coach company been brought in?

How is the team going to travel?

 

maybe swans

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I hear the administrator has ordered that all trading should cease, pending a buyer coming forward. It was hoped that they were allowed to continue with club transport, but looks like this is no longer the case.

Does anyone know what is happening to Saturday's trip to Dons? Has alternative coach company been brought in?

How is the team going to travel?

 

the club going have no coach! the fans are going have no coach!

 

the worlds gone mad i tell you, MAD!

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I hear the administrator has ordered that all trading should cease, pending a buyer coming forward. It was hoped that they were allowed to continue with club transport, but looks like this is no longer the case.

Does anyone know what is happening to Saturday's trip to Dons? Has alternative coach company been brought in?

How is the team going to travel?

 

I heard that Windass is cycling down........

 

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i will drive the team down on my coach on the condition they dont come back

 

You are true supporter and if only we had more people lending their backing as you do then the future would be rosy.

I also want to praise you for the erudite manner in which you debate an issue.

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Just received the following from a coach company contact of mine:

 

The Fraser Eagle group of companies has lodged a legal notice, filing for Administration, with the High Court’s Manchester District Registry in attempt to deal with the cash-flow issues it is currently facing.

 

 

The form 2.8b is a notice of intent by the directors of the three Fraser Eagle companies involved to appoint an Administrator. At this stage, however, the firm is not in Administration, nor is it in receivership.

 

Administration orders, introduced by the Insolvency Act 1986, are a mechanism for protecting companies from their creditors while a restructuring plan is completed.

 

The notice was filed with the court on Tuesday afternoon (3 March) and the appointment process could take up to 10 days.

 

However, speaking to routeONE Live News this afternoon (Thursday), a Fraser Eagle spokesman said that an Administrator appointment is expected to be made in the next few days. 

 

In the meantime, Fraser Eagle continues to trade, and its UK staff of 109 in Padiham, Lancashire, plus 15 at Fraser Eagle London, remain at work, although 50 were laid off last week as previously reported.

 

Fraser Eagle says it believes its underlying business remains strong, and it could still emerge from Administration as a going concern, but its current cash-flow difficulties have forced this move. The cash-flow situation has not been helped by intense speculation and continued rumours of the firm’s alleged demise.

 

In total three group companies have filed for protection: Fraser Eagle Ltd (the former Fraser Eagle Management Services business), Fraser Eagle London (the new Capital-based coaching operation started last year) and Fraser Eagle Property Holding Co. (which owns the Padiham HQ premises) have filed for, what in effect, is a type of bankruptcy protection similar to the US ‘Chapter 11’.

 

In the meantime, Fraser Eagle is continuing to trade, and had a number of coaches at last night’s Stoke v Bolton football match, and further work planned for this weekend will go ahead, says the firm.

 

Added the Fraser Eagle spokesman: “We are grateful for the support during this period. Our customers remain very loyal and many of our suppliers are also very loyal. This is not necessarily the end of Fraser Eagle, but we do not know any more at this stage.”

 

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'The cuts [of 120 staff] will mean alternative plans for coaches booked to take players and supporters Blackburn Rovers game against Fulham on Saturday will have to be found.'

 

http://news.bbc.co.uk/1/hi/england/lancashire/7937540.stm

 

I'm not so hopeful of OAFC case being stronger than Rovers, of whom Fraser Eagle is one of their official sponsors.

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You are true supporter and if only we had more people lending their backing as you do then the future would be rosy.

I also want to praise you for the erudite manner in which you debate an issue.

 

Although i dont know what erudite means - dont mention it fella!!!! :grin::grin:

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