PG SITE Services agreed to a financial settlement with the custodians of Southend United today “in the best interest of the club’s future.”

A winding up petition against Blues by the Kent based company was dismissed at the High Court in under a minute this morning.

And Dave Goodger, the manager director of PG Site Services, has revealed in a statement to Echosport that he agreed to a payment plan to allow the Shrimpers to proceed with less problems.

Goodger said: “We reached settlement today with the consortium to disperse the club’s debt to us over instalments over the next 11 weeks.

“Our debt was a secure debt as we have legal charges over property owned by Ron Martin’s family.”

Blues reached a settlement with Stewarts Law at the start of the week.

And they have now done the same with PG Sites who loaned the club money to ensure wages could be paid in December 2022.

“The debt to us was made up of loans to the club whilst we were the main sponsors on New Year’s Eve 2022,” explained Goodger.

“My FD Matt Day and myself spent most of the day working with Tom Lawrence putting together a loan agreement of £200k to pay staff and players’ wages.

READ MORE: Everything that happened during Blues' High Court appearance 

“Had we not done so the club would have probably ended then.”

However, the club’s chairman Ron Martin has been unable to repay their loan and that led to PG Site Services pursuing legal action.

Goodger added: “Unfortunately Ron Martin, through no direct fault of his own, was unable to raise the funding to refinance the club.

“The unfortunate circumstances of us then having to take action against the club sadly made it impossible for us to continue as sponsors.”

But Goodger did agree to today’s dismissal.

“We could have continued with our legal action against SUFC and no doubt it would have forced COSU to pay us off in full on completion expected this Friday,” explained Goodger.

“But in the interest of the club’s future we agreed a reduction and have trusted them to keep to the payment plan agreed.”