Another West Ham sponsor goes bust

West Ham’s shirt sleeve sponsor Basset & Gold has gone into administration, after putting the majority of investors’ funds into payday lender Uncle Buck, which collapsed last week.

The mini-bond provider is believed to have around 1,800 customers who had collectively invested £36m.

“B&G Plc and [related company] B&G Finance took independent solvency advice after the Financial Conduct Authority (FCA) raised concerns about the viability of the B&G mini-bond scheme because the money raised from the mini-bonds was almost entirely invested in Uncle Buck,” said a statement on the FCA’s website.

“In light of this advice, and following the entry into administration by Uncle Buck, the directors concluded that both of the firms were insolvent and took the necessary steps to place the firms into administration.”

Basset & Gold were announced as West Ham’s second sleeve sponsor in July 2018 but now follow a host of other Hammers sponsors that have gone to the wall like XL Holidays and Alpari

Claret and Hugh understand the club are understandably concerned to hear of B&G’s situation at this difficult time but as part of the partnership, B&G did not owe the club any money.