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Bright Future

Pilgrims Virtually Debt-Free

25 September 2019

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JUST over a year since Simon Hallett became Argyle's majority shareholder, the Pilgrims are now all-but debt free and can look forward to a bright future.

That follows the cancellation of a 4m-plus loan made by Simon and Jane Hallett to the club to help finance the soon-to-be completed Mayflower Grandstand refurbishment.

In place of the loan, Simon has been issued with more than 4m new shares in the club, taking his holding to 97%.

Since Simon became a director in April 2016, when he acquired a 30% shareholding, the Pilgrims have made rapid strides towards the rude health of self-sustainability off the field: they have bought Home Park from Plymouth City Council; re-purchased a significant part of Higher Home Park; and are about to complete the multi-million pound redevelopment of the grandstand.

It is all a far cry from the not so far away dark days of 2011, when the club teetered on the brink of oblivion, having entered administration with club staff working on hand-outs from loyal supporters.

Prior to their latest investement, the Halletts have consistently made significant financial inputs into Argyle, including a capital injection of £3m to cover losses incurred in the path to sustainability and to make investments in the club’s infrastructure deemed necessary by the Board of Directors.

The long-term goal of the club remains having sufficient revenue to match all its costs.


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