FRP administrators secure future of Coventry City ground

FRP has announced that its Restructuring Partners, Andrew Sheridan and Raj Mittal have completed the sale of Arena Coventry Limited (ACL) and IEC Experience Limited, including ownership of the Coventry Building Society Arena, to certain entities controlled by Frasers Group Plc.

Ashley’s Frasers Group had been named as the preferred bidder after making a £17m bid for the businesses. The business was acquired by Wasps rugby union club in 2014 but they also went into administration last month.

Joint Administrator and Restructuring Advisory partner, Andrew Sheridan said: “This is a pleasing outcome, which helps secure up to 1,000 jobs in Coventry and ensures that the venue will continue to play a major role in the city’s economy as a world-class entertainment and hospitality venue and home for Coventry City Football Club.”

He added: “By agreeing to sign an exclusivity agreement before 1st November, Frasers Group was the only interested party that was able to meet the terms of the sale process. This was essential in providing the necessary funding that enabled the Arena to continue trading beyond that date.

“Without this, and the collaborative and supportive approach taken by all key stakeholders throughout the process as well as the tireless efforts of the core management team, the Arena would have been forced to close on 2nd November resulting in hundreds of job losses and a materially worse outcome for creditors. We wish Frasers Group and all involved in the Arena every success for the future.”

A spokesperson for Frasers Group said: “We are delighted with the acquisition of the CBS Arena which will complement the Group’s existing portfolio of brands and investments. Through the acquisition, we are pleased to have been able to secure a long-term future for the Arena, protecting jobs and supporting the local community. In particular, we are looking forward to working with Coventry City Football Club.”