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Auditors walk away from Sevco

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Dave King Auditors Deloitte have walked away from Sevco!

The news emerged today as acting chairman Paul Murray announced another set of desperate figures for the cash strapped club.

With just three working days remaining before they are delisted by the Alternative Investment Market news that Deloitte have walked out on the company running the ailing football club is another crushing blow for the credibility of Mr Murray.

In a statement issued this morning, carrying a £3m loss for the six months to 31 December 2014 despite season ticket sales, the softly spoken borders banker said: “These results are historical and relate to a period before the new Board took office. I wish to draw shareholders’ attention to the fact that these interim results have been reviewed by Jeffreys Henry LLP. ?

I have been informed by Deloitte, the existing auditor, that they informed the previous Board of their intention to resign following the June 2014 audit. The previous Board chose not to announce this nor did they find a replacement for Deloitte.

With limited time to have these results reviewed the Board asked Jeffreys Henry to perform the exercise as Independent Reporting Accountants, not auditors. They have previously carried out work for the Club and therefore know the finance functions well. The Board will make a further announcement on this subject once we have found a replacement firm for Deloitte.

“The new Board’s focus is on the future. We are in the process of developing a business and funding plan which will help us rebuild the Club and ensure it enjoys football and commercial success in the future. We will work closely with our shareholders, supporters and other stakeholders to achieve our vision of building a modern football Club founded on our traditional values and standards. The recovery process will take time but if we work closely together we are confident of success.”

Deloitte’s credibility over the Sevco accounts was called into question as they avoided stating that the company was no longer a going concern based on the promise of increased season tickets and imminent Champions League participation.

Among the highlights of the accounts the company announced that the football team had reached the semi-final of the Petrofac Training Cup and was sitting in third place in the Championship!

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