A financial advisory firm appointed by Rangers is under threat from going bust with its own cash flow problems, it has emerged.
Daniel Stewart is the third firm the club have appointed to oversee its monetary affairs in the last six months. But the London-based firm reported losses of £1.74 million in the last year, a figure that casts their credentials into doubt.
The firm was appointed by the club on October 1 to act as financial advisers after two previous companies, Strand Hanson and Cenkos, parted ways with the club. The firm’s own auditors admitted that cash flow problems may see the club go bust before the end of the year.
“The company incurred a net loss of £1,743,439 during the year ended March 31, 2013 and subsequent to the year-end incurred further losses... [the statements] indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern.”
Daniel Stewart, who are alleged to have close links to former Rangers chief executive Charles Green, are charged with naming a date for the club’s forthcoming agm, which was pushed back after a successful legal bid led by former director Paul Murray.
An AIM spokesperson told the Daily Record that a financial advisery firm is not obliged to be in the black to be qualified to undertake its duties.