Desperate Robertson justifies Close Brothers deal
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For the second time in a week Stewart Robertson has gone running to a newspaper to tell them that Sevco are in great financial shape.
Perhaps the former Motherwell accountant can explain that take on a going concern warning to his colleagues at the Institute of Chartered Accountants of Scotland.
On Tuesday Robbo was telling The Sun that turning down the £7m ‘bid’ from China for Alfredo Morelos proved that the club wasn’t on the verge of administration.
Last night it was announced that Edmiston House and the iconic Albion Car Park has been used as security with Close(d) Brothers on a loan for ‘upto £3m’ with eye-popping interest rates.
Explaining the deal to the Daily Record, Ibrox Managing Director Robbo said: “A £30 million business with no bank facilities is very, very unusual. It’s another step and it’s about doing it within the realms of financial prudence.
“We’re not going daft with it, we’re doing it within the framework of what the business can afford and it involves modest millions, which are sustainable and serviceable.
“We must operate at a sensible level and the banks aren’t going to throw silly sums of money at clubs going forward. There is a check and balance on the whole thing.”
When Sevco published their 2017 accounts it was reported that Dave King’s New Oasis Asset Limited company would make up the anticipated shortfall of £4m for this year.
The three bears stopped providing soft loans during the first half of 2017.
Had King come good with that promise it would have been front page news, with no sign of the cash coming in from South Africa Sevco have had to turn to an Invoice Financer previously used by Charles Green and Craig Whyte.