Sevco plan £100m a year turnover

A week after posting unaudited losses of £1m a month Sevco have announced plans to take their turnover to £100m a year.

The Third Division newcomers are on course to clinch the title within a month with finance director Brian Stockbridge revealing exciting plans in a statement issued throughThe Herald.

“When [Rangers] did its own retail it made £20.5m turnover and £5.6m profit just from merchandising,” Stockbridge claimed. “But because the club needed money, it gave it to JJB and took an upfront payment, then took the £3m annual licensing fee.

“So, let’s say if we can only do as good as £20m [even] with Mike Ashley as our partner, with Puma and with internet sales, then suddenly we are looking at £80m to £90m turnover.

“Then you look at the additional sponsorship possibilities and think it would be nice to get it to £100m, but even then I wouldn’t think my job would be done at that point, as it could go on beyond that.”

Over the last fortnight Sevco announced new deals with Puma and Blackthorn Cider with no figures put on the agreements.

Stockbridge explained: “ The Puma deal is a very good one. Typically, a manufacturer pays upfront and will claw that back at the end through the shirt prices.

“With Puma, I negotiated that we get a very high royalty rate on everything, even what we sell in the shop here at Ibrox.”

On Saturday Sevco lost 2-1 at home to Annan Athletic with the team booed off the park at the final whistle.

CLICK HERE  for Lennon slams players attitude

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