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Sevco lose £6.7m

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Sevco have published their annual accounts for the year to June 2017 showing increased losses of £6.7m despite their first ever season in the top flight.

By publishing the accounts on a Friday evening it is clearly an attempt to bury bad news.

That figure puts them over UEFAs Financial Fair Play limit and will require some incredible gymnastics from the SFA to compete in European football next season.

According to the auditors, Campbell Dallas, a further £4m is required to continue in business until June 2018 although this doesn’t take account of Pedro Caixinha’s summer spending spree, his pay off and the cost of recruiting a new management team.

Turnover reached £29.2m which is a third of Celtic’s over the same period.

No mention is made in the accounts of Dave King refusing to comply with the Takeover Appeal Board after his concert party action at the end of 2014 which kicks any notion of a share issue firmly into the long grass..

Sports Direct and Mike Ashley are likely to take most of the blame but with losses posted for the fifth successive year the company remains wholly reliant on the goodwill and soft loans of the three bears with no sign of breaking even or even turning in a profit.

CLICK HERE to view the accounts in full.

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