Assets row one in Eye for publisher

A SPORTS magazine publisher was accused of telling a 'cock and bull' story over cash missing from his company, the High Court has heard.

Graham Gutteridge, ousted as executive chairman of Aim-listed Non League Media in October, is challenging a worldwide freeze on his assets. He is accused of moving £272,000 from NLM, where Newcastle United manager Bobby Robson is a director, to his private sports firm, Eye.

It is alleged that the money was switched to another company in which Gutteridge had an interest before being used by his wife to buy a £500,000 London house.

Venture capitalist Bracken Partners, which invested in Eye, is fighting Gutteridge's attempt to unlock his assets.

Robert Miles, representing Bracken, said: 'Gutteridge's conduct amounts to the clearest breach of trust. He has been utterly evasive about his assets and has taken money from the company and put it into a property. He now claims it is his wife's property and he has no interest in it.'

The case continues.

Non League Media's shares were suspended on Aim on November 2 following the discovery of accounting irregularities.

The firm's December accounts were found to have a material overstatement of cash and understatement of debtors.