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Lau on the ropes

Financial challenges are building up for Guichan Lau whose company WBA Holdings owns 66 per cent of West Bromwich Albion.   His company's accounts show that it is in default on a £2 million from a West Midlands heating company called Warmfront Holdings.

Warmfront has agreed to take no action to reclaim the loan and interest until February next year.  Given a punitive rate of interest of 5 per cent a month, the amount outstanding will then be around £4 million.

Lai has missed three deadlines to repay a loan from the Baggies to his Hong Kong company Wisdom Smart Corporation.  [sic]  Meanwhile the club have a £20m loan from MSD UK holdings at an annual interest rate of 13.8 per cent.

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