Creditor blasts Town
A CREDITOR of Ipswich Town has hit out at the “disgusting” way businesses owed money have been treated during the administration process.Jonathan King, a director of Fynn Valley Foods in Ipswich, claimed the club and administrators Deloitte & Touche had not kept creditors informed of the dire financial situation.
By Jonathan Barnes
A CREDITOR of Ipswich Town has hit out at the “disgusting” way businesses owed money have been treated during the administration process.
Jonathan King, a director of Fynn Valley Foods in Ipswich, claimed the club and administrators Deloitte & Touche had not kept creditors informed of the dire financial situation.
He added he was angry that because many creditors were reluctant to speak out about their losses, club bosses were able to suggest the business community was supportive of the situation.
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Mr King, whose company supplies food for the Centre Spot restaurant and the Legends Bar at Portman Road, said his firm was owed £800.
But it stands to receive just £40 of that money if the Company Voluntary Agreement (CVA) results in unsecured creditors receiving 5p in the £1.
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“It will not even get me half a room at Hintlesham Hall,” he said, referring to the luxurious hotel where administrators have been using during their stay in Suffolk.
“The amount we shall receive disgusts me.
“As only a small creditor in comparison with some, it will not affect us too much, but it is still money.”
Mr King said creditors “rode the wave in” of Town's success in previous seasons and had not believed its fortunes could dip so dramatically.
The Town fan of 25 years added the club's creditors had only been kept informed of developments by the Press.
“The worst part for me is the lack of contact from the club.
“Then we saw Mr Sheepshanks on TV saying how he felt for the creditors. Well, a phone call could have appeased some people but even that was not forthcoming.
“I would like to think they just forgot us but I know of other suppliers who haven't been contacted either. It seems a shoddy way to do it.”
Mr King added: “When it comes to a new season and the club directors ask the local community to dig deep to support the club, they will have forgotten the thousands it has already taken with no thanks.
“The majority of creditors don't want to talk to the Press because of the threat of the administrators taking business elsewhere.
“I will probably lose their business because of what I have said, but at the end of the day business is business and this sort of thing happens all the time. I haven't got an axe to grind. They are not the first and won't be the last.”