Old ground sale helps to halve company's losses

The switch to the lower profile AIM is aimed at reducing costs and improving the company's efficiency.

News of the transfer, which will be done "as soon as practicable" comes on the day Burnden Leisure revealed it had cut its losses by half last season.

Land sales - including £2.8 million for part of the old Burnden Park site - and good housekeeping reduced losses from £5.4 million to £2.7 million on the previous year's performance. Turnover was up from £12.6m to £13.4m.

But the significant revelation in chairman Phil Gartside's annual report is the decision to transfer to the AIM, which is seen as a more suitable listing for such a small public company.

"The arguments for transferring from a market designed to regulate companies with market capitalisations measured in billions of pounds, to one which is designed for smaller, growing companies has become a compelling one," he explains.

"With the increased flexibility afforded to AIM companies, I anticipate both a reduction in costs and increased scope to manage the Group's affairs more efficiently."

Despite again underlining the need to balance the books being of "a high priority" Mr Gartside, who is also chairman of the football club board, struck an optimistic note.

"We are building a Premiership team at Burnden Leisure both on and off the pitch," he says. "We are determined for Bolton Wanderers to return to the Premiership but we want to achieve this on a sustainable basis and with our finances in order.

"We have made a good start in all areas. We now have a clear vision of where we want to go and a management team with the determination and ability to deliver. It may take some time but we can look back on the past year as the beginning of our future."

Recently-appointed director Eddie Davies OBE has, through his Bermuda Trust Company, agreed to loan Burnden Leisure £2 million.