Harrogate Town post £2.5 million loss
Last updated Apr 3, 2024
Simon Weaver, Irving Weaver and Sarah Barry
Chairman Irving Weaver (centre) with. manager Simon Weaver and chief executive Sarah Barry.

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:

“Those forecasts are dependent on R I Weaver not seeking repayment of the amounts currently owed to him, which at 30 June 2023 amounted to £2,458,074, and providing additional financial support during that period.

“R I Weaver has indicated his intention to continue to make available such funds as are needed by the company, and that he does not intend to seek repayment of the amounts due for the period covered by the forecasts.”

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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