Matt Chapman’s company folded leaving £339,000 debt including £178,000 owed to HMRC

Matt Chapman, a well-known face and voice in British horse racing broadcasting, has faced significant financial difficulties. His company, Grey Lane12 Limited, recently entered voluntary liquidation with debts exceeding £339,000.

Company Liquidation and New Ventures

Grey Lane12 Limited, formerly known as Matt Chapman Racing Limited, was dissolved in March. The company’s financial statement, published on March 17, revealed substantial debts. These included £178,000 owed to HM Revenue and Customs (HMRC), £97,500 to Funding Circle, £31,606.65 to Barclays Bank, and £29,500 in unsecured credit card debt.

Did You Know? Matt Chapman established Matt Chapman Racing Limited in April 2017, coinciding with his debut as a broadcaster for ITV Racing.

Notably, just three days before the company name change to Grey Lane12 Limited in January 2024, Chapman incorporated a new company, Yeeehaaa Broadcasting Limited, listing himself as the sole director.

Personal Financial Arrangement

Chapman has proactively addressed his financial situation through an Individual Voluntary Arrangement (IVA), initiated last June. This legally binding agreement allows him to repay a portion of his debts over a period of five to six years. The Insolvency Service website currently lists Chapman’s IVA as active.

Expert Insight: An IVA represents a formal and legally recognized method for individuals facing unmanageable debt to restructure their finances and work towards repayment under a court-approved plan.

Chapman continues in his broadcasting roles with ITV Racing and Sky Sports Racing, having progressed from a betting reporter and presenter to a more general reporting role, including hosting the Saturday morning preview program, The Opening Show.

Legal Statement

According to a statement released by Chapman’s solicitors, Mishcon de Reya, the financial matters relate to his personal affairs and began at the end of 2023. The statement emphasizes that there is no allegation of wrongdoing and that the issues are unrelated to his professional life in horse racing, gambling, or broadcasting. Chapman is reportedly current with his repayments to creditors.

Frequently Asked Questions

What is the total amount of debt owed by Grey Lane12 Limited?

Grey Lane12 Limited owed a total of £339,106.65, according to the statement of affairs published on Companies House.

When was the Individual Voluntary Arrangement (IVA) initiated?

Matt Chapman entered into an Individual Voluntary Arrangement (IVA) last June.

What is the purpose of Yeeehaaa Broadcasting Limited?

Yeeehaaa Broadcasting Limited was incorporated three days before the name change of Grey Lane12 Limited, with Matt Chapman listed as the sole director.

How might financial challenges impact public figures in the broadcasting industry?