Tuesday, January 14, 2025

News: Rotherham United's £5m debt with ASD

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In the latest accounts of Rotherham-based manufacturing firm, ASD Lighting PLC, Rotherham United Football Club is listed as a debtor owing £5.2m.

Both ASD Lighting PLC and Rotherham United have ASD Lighting Holding Limited as their parent company, connected by Tony Stewart, the founder of ASD Lighting and the man who saved the Millers in 2008. The businessman brought them out of administration and has overseen promotions, cup success and a move to a new stadium in town, at the same time as a period of sensible financial management, not something always shared by fellow league clubs.

Based on the Barbot Hall Industrial Estate, ASD Lighting has a reputation for innovation and quality and provides a range of products for domestic and commercial installations.

For the year ending June 30 2024, turnover was reported as £19.8m, down from £21.3m in the previous year. Sales to the UK were £17.9m, down from £19.8m in 2023 but in the rest of Europe, sales increased to £1.8m from £1.3m in 2023. Included in the £1.8m to Europe were sales of £1.1m to ASD Lighting Europe Ltd set up to distribute and partner with customers in Europe.

The financial results added: "Gross Profit is £7.0m (2023 £8.1m). Against rising material, utility and labour costs the gross profit margin remains strong at 35% (2023 38%). Administration costs at £7.6m remained the same at last year with increases in staff related costs being reduced by saving in other fixed costs.

"The year resulted in an operating loss (before interest and tax) of £0.6m compared to a profit of £0.5m last year. Profit after interest receivable and tax is £276k (£755k 2023)."

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As reported by Rothbiz in March 2024, ASD Lighting continued to provide £1m in sponsorship and advertising to the football club when the Millers posted a loss before tax of £1.1m for the 12 months to June 30 2023.

The latest accounts from ASD show that the £1m in sponsorship continued in 2024.

Documents also show that: "At 30 June 2024 included within debtors was £5,204,737 (2023: £929,150) due from Rotherham United Football Club (RUFC) Limited. The outstanding balance is repayable on demand."

Also Included in other debtors is an amount of £12,961,391 due from R U Estates Limited, a company of which Tony Stewart and son Richard are directors. This is thought to have been established when the AESSEAL New York Stadium was constructed and all parties share banking facilities with Barclays.

The debt is split between £1m due within one year and £11,913,944 due after more than one year. The loan from ASD to R U Estates is unsecured and bore interest at 2% above base rate per annum until January 2021 when it began to bear interest at 1.15% above base rate. It is repayable over nine years in instalments.

Rotherham United's accounts for the period are due to be published within the next few months.

ASD Lighting website

Images: ASD

4 comments:

Anonymous,  January 14, 2025 at 3:35 PM  

This goes to show how much Tony Stewart has put into Rotherham United. Still £12m down from building New York and also £5m out of pocket from other cash he's put in. That's on top of the £1m a year he puts in through advertising which helps keeps the book in the black.
Proves that Rotherham United without Tony Stewart would be a complete basket case of a club - if indeed a club at all.

Anonymous,  January 16, 2025 at 1:28 PM  

Deluded,it's just part of the Stewart family's portfolio,just like the planned hotel,some people have no idea how business works!

Anonymous,  January 18, 2025 at 8:40 AM  

Thank you for that insight Ilon.

Anonymous,  January 26, 2025 at 9:36 AM  

That said, he's not made a bad job of ASD lighting.

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