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1:00 am, March 31, 2008
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ALTA GAS PAIR PLEAD GUILTY

Two men changed their pleas after previously denying more than 30 alleged offences in connection with the 2001 collapse of Merseyside-based Alta Gas. At Liverpool Crown Court, ex-managing director Peter Bradley admitted a charge of fraudulent trading and ex-finance manager Peter Stott, of Turton in Bolton, admitted six counts of false accounting involving £2m. Alta Gas attracted investment from 3i, Mezzanine Management and Barclays Capital before the discovery of “fresh air invoicing” which had enabled it to overstate its turnover by £9m and secure finance from lenders. The court was told Barclays lost £11.5m. Bradley, who went on the run before being arrested in Spain in 2006, will be sentenced along with Stott on April 30.

CHAMPION SEEKS ACQUISITIONS

Champion Plc, the AIM-quoted accountant, is on the lookout for acquisitions after reporting interim profits 4 per cent down at £119,424. Revenue at the Worsley-based firm in the six months to December was up from £2.7 to £3.1m, but earnings per share fell by more than half to 0.1p and staff costs rose from £1.7m to £2m following the acquisition of Howarth Moore, an accountancy practice based in Blackpool. Champion chairman Kevin Philbin said the new office had fitted in well and was trading profitability. He added: “The directors are actively searching for new acquisitions which fit the group's desired profile, activity is busy in this area and the directors are confident further acquisitions will be made.”

BDO SUES WATERMAN FOR £500,000

Accountancy firm BDO Stoy Hayward is taking Cheshire-based music mogul Pete Waterman to the High Court alleging that he owes the practice more than £500,000 in unpaid bills. A writ has been issued against three of his companies — Pete Waterman Ltd, London and North Western Railway Co and Just Like The Real Thing Ltd for a total of £525,876. The claim relates to work done between Sept 2003 and Sept 2007, including the demerger of Waterman's Crewe-based London and North Western Railway steam business. However, Waterman, who lives in Lymm, is contesting the claims. A spokesman said the claim was “wholly without merit and is in the hands of our lawyers. It will be vigorously defended and a counter claim put in place.”

GLAZER BUYS $5.6M HOUSE

Manchester United director Joel Glazer has taken out a $4.48m mortgage to buy a new waterfront home in Florida. The son of club owner Malcolm Glazer borrowed the money from Wachovia Bank on a 30 year adjustable rate in order to buy the $5.6m house in Tampa. Glazer faces monthly payments of $27,220 on the mortgage, which has a starting rate of 6.1 per cent. The 8,608 sq ft five bedroom waterfront home features a salt water pool, a dock, three fireplaces, two laundry rooms and breathtaking views over Hillsborough Bay.