The results, for the year ending June 2023, show the club plunged into the red after a season which chairman Rolan Wycherley described as ‘the most challenging and difficult since my appointment as chairman in 1996’.
The accounts also show that at the end of June last year, the club had £81,184 cash in the bank, compared to more than £1.5m 12 months earlier.
In his chairman’s report, Wycherley, says the losses are compounded by a further £600,000 deficit recorded in restated accounts for the previous financial year.
He states: “Despite finishing 12th in League One, the club’s second highest finish for more than 30 years and completing a ninth successive season in League One, given the changing face of football a more than reasonable achievement but at a cost that is financially unsustainable and necessitated the strong actions that were taken at the end of the 2022-23 season.”
The report continues: “It is with regret that we have to confirm losses of £3m, with losses of £600k also being restated in the 2022 accounts, this is following total loss of more than £3m over the previous three seasons.”
The chairman adds: “Measures have been taken to rectify this position as far as possible, our new CEO, head of finance, director of football and head coach are now in post and are focused and determined to restore our model of sustainability which has served so well in the past to safeguard the future of the club.”
The results, filed at Companies House today, show creditors are owed just over £2.5m due in the next year with another £1.126m due after more than 12 months.
Wages were up by around £800,000 last year to £5.2m compared to the previous year.
The results relate to a tumultuous season for Shrews off the pitch which saw chief executive Brian Caldwell leave the club in early May followed by manager Steve Cotterill a month later.
New chief executive Liam Dooley and director of football Mickey Moore have since joined. Former head coach Matt Taylor was sacked in January and replaced by current boss Paul Hurst, who has stabilised the club on the pitch.
