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Thames Club accounts for 2019
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I see that the Thames Club have finally filed their financial accounts for the year ended 31/12/19 showing that during 2019 they incurred further losses of more than £130,000.
Another year of losses!!!
But not surprising considering their track record!!!
And what will their losses be for 2020 when coronavirus lockdowns and reduced business are taken into account ???
Edited by John Blair at 23:06:24 on 22nd January 2021
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Re: Thames Club accounts for 2019
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That's a good question John. however, there are some worrying features in the accounts. No interest has been paid on the loan from Downings Four VCT. Please note that Downings LLP say that the VCT has nothing to do with Downings LLP. Secondly, in the related parties note you can see that the management fee to Downings LLP doesn't get paid. Thirdly, the Thames Club say that there is no overall control of the company, yet 96% of their voting shares are held by TT Nominees. This feels like a controlling share to me. TT Nominees say they are a holding company and are a dormant company. The shares are held on behalf of a third party. Martin Robertson, director of both Downings LLP and the Thames Club admits that "for administrative reasons" this holding represents a number of investors and Downings control the voting rights to these shares. The accounts also describe the Thames Club as a going concern - even though the losses are greater than the issued share capital. The shares , issued in 2015, were issued at a premium ..... and the share premium account is keeping the Thames Cub solvent. My questions to you are what would lead an investor, or group of investors, to put money into the Thames club; what sort of returns have they had on their investment and what returns are they likely to get? Why not accept as bid for their main asset at a commercial value, or do they realistically hope that they can get planning permission for the freehold. I am sure that as supporters we can cause any amount of objections to the council for any proposed developments on the pitch. After all, the council has a lot of freehold on its hands with massive loans - surely the council should develop their own freeholds first, well away from a flood plain and the difficulties associated with developing on a flood plain. We can support the Swans on the field, and in the community ......... COYS
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Re: Thames Club accounts for 2019
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If I was an investor I certainly wouldn't be thinking of investing money into a business that continually loses money - not just £'s but thousands of £'s.
£4 million basically lost over a period of 10 years. It just does'nt make for good reading !!
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Re: Thames Club accounts for 2019
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Sorry John, just got back fro London. Haven't been for ages but got the biggest smile on my face for having been. I'm not sure how much of a gamble advisors are supposed to give their investors ..... but 5 years with no return and losses mitigated for sums due to Downings LLP and the VCT. I'm not a gambler, not even the Grand National. My suspicion is that there is no real interest in the Thames Club as a business, the attraction is in the freehold currently in the books of the Thames Club. With the anticipated demise of the Thames Club, as they can blame Covid and lack of opening for 2020, the main asset may well be "sol" to another company, where the majority of its shares are held by TT Nominees and shares the similar principles to Downings. The development attempts may be made4 by that entity. This is only speculation - but the gamble is on getting planning permission to develop. I'm beginning to think that we should start to look at listed building status for our stands and undersoil watering systems ........ They can't rip the ground down then - might as well sit down with Joe and finalise the deal.
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Re: Thames Club accounts for 2019
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Arthur, I'm not quite sure what you mean by 'listed building status' but it may well be worth looking at making the pitch, stand and associated facilities 'Assets of Community Value'. I believe the process to do this is quite straightforward and would, at least, give some degree of protection should the Freehold land be put up for sale.
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Re: Thames Club accounts for 2019
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Undoubtedly there are certain parties who would like to develop any freehold they have, not just in Wheatsheaf Park (Eltham springs immediately to mind), to the detriment of the local community. This is why the Chairman's offer to buy the freehold at Wheatsheaf Park for its current commercial value has yet to be accepted. It may be that the are prepared to wait and take the gamble of land prices increasing and sell that land for development. They are ignoring the current effects of global warming in Staines with the increase in localised flooding in the area. We have lost an increasing number of home games in recent years to flooding - and sadly this is likely to become worse. The owners are taking a punt. It must be remembered that the owners of the land are the Thames Club, with increasing losses, 2020 likely to be a disastrous year with the gym not operating because of the pandemic ......Someone certainly seems to be willing to take a punt on the freehold property for something other than existing use. It should be noted that in 2015 the Thames Club increased its share capital at a significant premium. This has been gradually eroded by losses and those losses are increasing. Perhaps someone knows who it is who is controlling the Thames club to take the gamble on a change of use for the freehold.
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Re: Thames Club accounts for 2019
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Listed status and undersoil drainage systems are interesting ideas.
Any thoughts are worth investigating.
Need to do whatever is needed to stop Downings riding roughshod over our beloved STFC.
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