Sevco have been dealt two fresh cash blows with Neil Alexander winning a claim for £84,000 in unpaid bonuses and BDO set to claim their share of the Charlie Telfer compensation fee.
The run of bad luck seems never ending for the club who’ve only survived so far this season due to a £3.13m share issue and two emergency loans totaling £3m from Micky Ashley.
Tonight it emerged that Alexander had been successful in his claim to an SPFL hearing for unpaid bonuses during the 2012/13 season when he was the first choice keeper at the club.
The current Hearts keeper claimed that he was due the money if first choice Allan McGregor left the club. With Sevco claiming in public that they are the same club as Rangers (IL) it seemed a cut and dried case but after raising the issue last December Alexander has had to wait a year to get his case vindicated. Sevco are appealing the decision to the SFA.
In 2012 Alexander TUPE’d over from Rangers (IL) to Sevco before quitting the club in 2013 after being offered a new one year deal on reduced terms.
While they prepare that case Sevco will also receive a claim from BDO for part of the £170,000 fee due to the club for Charlie Telfer.
The compensation fee was based on Telfer being developed over a 10 year period with BDO due eight of those years on behalf of the creditors who lost out when a CVA was rejected in June 2012. HMRC, Police Scotland, St Andrews Ambulance and other public bodies are among the list of creditors that missed out while £10,000 a week wages were handed out by the new club.
Sevco are due to hold their AGM on Monday with the club hoping to find a way of raising £8m from a share issue. With the share price now down at 18p the club would need to create increase their share capitalisation by more than 50% to raise enough money to see the season through.
