Bolton Wanderers report loss of more than £500,000 during League Two promotion winning campaign

The owners of Bolton Wanderers have confirmed losses of more than £500,000 during the 2020/21 financial year which included the promotion winning season out of League Two.

The accounts for the year ending June 30 2021 for Football Ventures (Whites) Ltd have now been published. It shows an operating loss for the period of £517,393, a big reduction compared to nearly £3.5m reported for the previous 12 months at Wanderers.

In terms of loss for the financial year for the 12 months, a loss of £1.468m was reported. However, this a fall from the loss reported in the same set of figures for the 12 months up until the end of June 2020 which was £3.85m.

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The 2020/21 season was played almost entirely behind closed doors due to the Covid-19 pandemic. No matches were played in front of a crowd at the University of Bolton Stadium, while the hospitality sector which includes the Bolton Whites Hotel was one of several to experience difficulties during the pandemic.

Turnover for the financial year was more than £6.1m, a drop from almost £9.4m for the 12 months up until June 2020. It meant a fall in gross profit from more than £2.8m to approaching £1.3m.

In terms of the Government's Job Retention Scheme, also known as furlough, the business received a total of £905,495 in the year ending in June 2021. This is a slight reduction in the more than £1m received though this method in the prior 12 months.

In terms of wages paid to staff in both sides of the business this total fell to just over £6.9m in the year ending in June 2021. It had been more than £7.4m in the previous 12 months.

A payment of £250,000 was made to the Eddie Davies Trust