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03
Apr 2024
Harrogate Town post £2.5 million loss
Harrogate Town lost £2.5 million last year — more than double the amount it lost the previous year.
The club's financial statement for the year ended June 30, 2023 appeared on the Companies House website today.
The 12-page statement does not include a copy of the profit and loss account, which it says "the directors of the company have elected not to include".
But it reveals the club made a loss of £2,475,345 compared with £1,168,631 in 2022.
It also highlights the club's ongoing dependence on chairman Irving Weaver, who owns 86% of shares.
It says despite the £2.5 million loss and net current liabilities of £2.7 million, the directors have prepared cash flow forecasts "which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through funding from its controlling shareholder, R I Weaver, to meets its liabilities as they fall due for that period".
It adds:
The financial statement added that no interest had been charged on the £2.5 million owed to Mr Weaver — and that the club owed him £4.4 million in 2022.
The statement also revealed the club employed on average 66 staff in 2023, compared with 55 in 2022 — an increase of 20%.
Simon Weaver, Irving's son, has steered Town to within four points of a League Two play-off place this season with five matches to go.
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