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SBD Global/November 5, 2013/Finance

Rangers Financial Advisers In Danger Of Going Under Due To Financial Woes

A financial advisory firm appointed by Scottish League 1 Rangers is "under threat from going bust with its own cash flow problems," according to the SCOTSMAN. Daniel Stewart is the third firm the club has appointed to "oversee its monetary affairs in the last six months." However, the London-based firm reported losses of £1.74M in the last year, a figure that "casts their credentials into doubt." An AIM spokesperson said that a financial advisory firm "is not obliged to be in the black to be qualified to undertake its duties" (SCOTSMAN, 11/4). In Glasgow, Jackson & McCulloch reported Daniel Stewart -- which has "close links" with former CEO Charles Green -- was appointed as Rangers’ nominated advisor on Oct. 1. Two previous advisers, Strand Hanson and Cenkos, "were both ditched by the warring Rangers board." Auditors Keelings Ltd. said statements from Daniel Stewart “indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern” (DAILY RECORD, 11/4).
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