British Olympic bosses step in to help skiers at Games

British Olympic chiefs have guaranteed Team GB's 14 skiers and snowboarders will compete in Vancouver despite their governing body, the BSSF, going bust.

A contingency plan has been put in place to make sure athletes have all the resources they need at the Games.

"The athletes and coaches can rest assured that we will work around the clock to support them," said British Olympic Association boss Lord Moynihan.

A BOA subsidiary will take over as governing body until after the Games.

With the Winter Games due to get under way today Moynihan said: "It is with great regret that one of our governing bodies has gone into administration, particularly at such a critical time."

The British Ski and Snowsport Federation struggled for some time, with some athletes having funding cut.

Snowboarder Zoe Gillings said of the BOA move: "It's been a difficult time for a lot of snowsport athletes, and I'm very hopeful that this will be a very positive step forward for skiers and snowboarders alike...this is welcome good news."

Mark Tilston, the coach of top British skier Chemmy Alcott, told BBC Sport recently that coaches and skiers have had to pay for hotels and lift passes at races, and it was having a big impact on their Olympic preparations.

"Some of these guys have dedicated more than a decade or more to the sport and they find themselves not able to prepare properly for the Olympics. It's a terrible situation," he said.

Last August, a refinancing package was agreed to service BSSF's £600,000 debt, but since then two funding streams have been deferred and a £30,000 overdraft facility has been withdrawn by the Royal Bank of Scotland.

SnowsportGB, an Edinburgh-based not-for-profit organisation, was responsible for the British teams in ski racing and snowboarding and received funding for the athletes from UK Sport and the Scottish Institute for Sport as well as private sponsors.

Posted at 08:05PM Feb 12, 2010 by Kelly Board in Insolvency  |  Comments[0]

Hotels Look Set to Struggle

The hospitality sector is facing a tough year as insolvencies in this area are set to rise.  This is due to the recent cold snap throughout the country and poor economic conditions according to John Alexander, a partner at accountancy firm Carter Backer Winter in a recent interview with Caterer magazine.  He had said there will be a rise in business failures amongst the various hotel chains in this country.

Alexander has stated that the bad weather is likely to have caused far lower income than would have been expected over the Christmas period, when hotels usually show their best figures and it is likely that many hotels would have been counting on the increase in sales over that period in order to continue profitability.

It is thought that insolvencies in hotels may rise to over 40 in the first quarter of this year compared to just 31 last year, this could represent a rise of around 33% if it proves to be correct which would be a very substantial rise.  Alexander also indicated that he expects the rise to continue throughout the year with no sign of recovery until 2011 at the earliest.

Adding to these fears is the end of government support schemes for businesses, which is promising to increase commercial insolvencies anyway before the further bad spell that the hospitality sector has been through.

Posted at 11:46AM Feb 12, 2010 by Marc Stenton in Insolvency  |  Comments[0]