WRFC Trading Ltd - Case Update

We last wrote about Worcester in August, when Joint Administrators Julie Palmer, Julian Pitts and Andrew Hook of Begbies Traynor confirmed that the administration had been extended, as new owners Atlas had yet to complete the purchase of Sixways stadium and surrounding land.

The sale has not yet completed, but certain steps have been taken that may give us insight into what’s going on behind the scenes. Significantly, Chris Holland, the owner of Wasps, has acquired a 97% interest in Atlas through his firm Loxwood Holdings. The firm reportedly acquired the interest by default, as Atlas failed to repay a loan by the due date of 28 May.

A further £1m was due to be paid by Monday, 9 October, but Atlas (under its new ownership) has been been given more time, with the Joint Administrators saying that there’s still some flexibility in finalising the payments.

The Joint Administrators have been assisted by Bryan Cave Leighton Paisner. Their latest progress report can be found HERE. Atlas have been assisted by Shoosmiths.