Centaur sports funds

[andyfuller]

They have gone into Administration according to another forum.

[Euler]

Wouldn't exactly be a surprise would it? Though I haven't seen anything official myself. Wonder if the client funds are affected?

[CaerMyrddin]

Should we all be congratulated?

I remember I posted on anoher thread about some guys who were doing the same here, betexp, although they weren't serious as centaur, they were somewhat more like a Ponzi scheme.

When they showed up it was massive. Stupid moves on a lot of games, they would sweep 20 ticks live with massive stakes, they were a bit like the bomber. It was great whyle it lasted to be honest, but I became aware someone had 'invested' €250k there and in the end it is really really sad what they did and the stupidity and inocence of those who put the money forward.

[LeTiss]

This thread was started nearly 2 years ago, it's quite interesting seeing our initial responses

[Euler]

No answer from any phone number so it looks like they have definately gone.

This was posted on the Betfair forum

I am writing to you to express my sincere apologies for the fact that Centaur Corporate Holdings Limited and its constituent companies , Centaur Global Limited, Centaur Academy and Centaur Swift Limited have applied for voluntary liquidation on 9 January 2012.

The reasons for our closure are;

· A failure to achieve necessary working capital

· Failure by Betfair to deliver on a contract signed with them in April 2011.

· Continuing losses due to the high operating costs of the Centaur Academy in the City of London.

· Defaults by brokers involved in placing client funds from Centaur Private Managed Accounts.

We have contacted the leading firm of Administrators Begbies Traynor Limited who we expect will deal with all outstanding claims from creditors including clients henceforward.

Centaur offices in London and Seahouses are now closed.

This is not an action we have taken lightly and Andrew and I have invested over £300,000 in personal monies trying to keep the business trading.

Yours Sincerely

Keith Sobey

Chairman

Centaur Corporate Holdings Limited

[Euler]

Just can't believe that people would fall for it, especially given the various warnings, staff turnover and conduct of their remaining staff. It was just a crazy proposition.

[JollyGreen]

It seems that TB finally killed off the Badger!

[Groovyelms]

Isn't old Brock tony Hargraves back in oz sometime back? Looks like he abanded ship in time... Or did he fall off...?
Maybe we shall never know...

[JollyGreen]

If his track record is anything to go by I'd say it's 1.01 he had to walk the plank and not jump ship!

[Leven]

I actually signed up to Maxnet years ago on a 'DIY' basis to try and get a feel of what they were up to and see how my figures compared to the ones posted on their webiste. I spoke with Keith a couple of times and felt he was genuine (as a tipping service)...but the business was all over the shop. As they tried to expand things quickly went downhill. In 2009 I was actually offered equity in Centaur however a quick glance at their figures showed the valuation to be astronomical and that i) they didn't know what they were doing or ii) that they were trying it on. I've dug out my very polite reply to their corporate 'adviser' (Shield):

Thanks for your email. I have attached the completed NDA.

I have reviewed the memorandum and financial projections and although the business has taken on some key people and is positioned for possible rapid growth I struggle with the valuation for the following reasons:


- The business hasn't grown in the last 3 years and made a loss in two of those

- The current economic climate is still very poor (especially when it comes to raising money for investment funds)

- Three of the four business lines are brand new (with Galileo not yet approved by the FSA?)

- The Galileo projections are also stretched given the slippage that would occur trading the sports markets in size (the markets are still illiquid for anything more than private money) and that a 40% compound return is a very big ask.


I never even got a reply to these 'headline' points! Lets hope no one has lost serious money here.

[Iron]

I hope they don't do what one of my old bosses allegedly did.

The firm went into administration, and its assets (but apparently not its debts) were bought out by a firm whose registered address was, funnily enough, the same address as my ex-MD's house. Said ex-MD was appointed to the board of this new company soon after the acquisition, whilst retaining his directorship of the existing company.

Jeff

They have gone into Administration according to another forum.

[Euler]

Was with some industry bods last week who reckon that Sobey said they were 'just unlucky' which I suspect means they exhausted client funds. No confirmation from anybody though as to what exactly has gone on and the administrators are not commenting.

[LeTiss]

They were a company who gambled with other people's money, perhaps he should move into the world of banking.

[Adster]

Isn't old Brock tony Hargraves back in oz sometime back? Looks like he abanded ship in time... Or did he fall off...?
Maybe we shall never know...

Yes, word on the street is he split with his wife and moved back. Did hear through the grapevine she found a 'bigger' Badger whilst he was in London working.

[PeterLe]

Isn't old Brock tony Hargraves back in oz sometime back? Looks like he abanded ship in time... Or did he fall off...?
Maybe we shall never know...

Yes, word on the street is he split with his wife and moved back. Did hear through the grapevine she found a 'bigger' Badger whilst he was in London working.

Maybe she has a talent for Badger baiting!