Paragon boss blames Texan fraudster for company’s collapse

Paragon boss blames Texan billionaire fraudster for event agency collapse

Chantelle Thorley, 03 November 2009

Paragon Event Management managing director Andrew Wells has blamed disgraced Texan billionaire and cricket impresario Sir Allen Stanford for the collapse of his company.

Event reported yesterday how the Bath-based firm had entered into liquidation leaving several businesses thousands of pounds out of pocket.

According to Wells, his company staged the $20m 20/20 cricket "Stanford Super Series" for Stanford in Antigua last year.

The matches culminated in a one-off game between England and an all-star team from the Caribbean.

Shortly after Stanford was arrested and charged in connection with an alleged $9.2billion investment fraud.

"He owed us a significant amount of money," Wells told Event in an exclusive interview yesterday. "Also the revenue we projected from his ongoing business meant we had a significant hole to fill in 2009.

"Sadly the situation was compunded by the fact that a number of other events we manage were cancelled by our clients during the course of this year."

The firm is now in the hands of administrator Steve Elliot of Monahans. A creditors meeting is due to be held on 10 November.

Wells also heads up Paragon Event Services, a separate limited company which continues to trade.

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glyn roberts - 07 November 2009

Accounts filed at Companies house for the year ending 2009 show that paragon events management were in excess of £112,000 in debt as of March 2008 and should have ceased trading then. Instead they carried on trading and running events for Ryder Cup Wales 2010, running up huge debts all over Wales. For Andrew Wells to claim that is was the collapse of Sandford that brought down is company is a travistry.

Glyn Roberts Castle Cottage Harlech