In a surprise move Sevco have shifted their banking from Metro Bank to Close Brothers.
Since formation in 2012 the troubled club have been with Metro Bank who are well known for working with start up companies, offering banking facilities but no overdraft or lending.
If an overdraft has been provided it would suggest that King’s New Oasis Asset Limited company has not come up with the £4m shortfall detailed in the 2017 accounts.
Close Brothers are known for their aggressive interest rates and are often referred to as the lender of last resort. The deal has been secured against the derelict Edmiston House and the iconic Albion Car Park which was built in the early 1980s.
Did someone mention Close Brothers???
Knew it rang a bell… pic.twitter.com/8D3yuAGaQx
— Mintys Lamb (@mintys_lamb) February 7, 2018
Later this month Dave King will appeal against the Court of Session ruling that he must comply with the Takeover Appeal Board that he makes an offer of 20p per share to the shareholders outside of his concert party.
Failure to comply with that demand will result in the ‘cold shoulder’ being applied to King and to the club.
While it will have little impact on the South African based criminal the consequences for the Ibrox club could be dire with any company dealing with the club facing sanctions.
At the 2017 AGM shareholders voted through a propsal for a new share issue but with King at war with the Takeover Panel there has been no progress with the issue.