Goals Soccer Centre for sale after accounting scandal
30 Aug 2019
Goals Soccer Centre plc has hired Big Four firm Deloitte to help with the sale of the company following 'significant' accounting errors relating to VAT declarations and the suspension of its share listing
30 Aug 2019
The five-a-side football operator, which is part owned by Mike Ashley, suspended share trading on AIM earlier this month, and has put the company up for sale.
It has kicked off the process to invite offers for the business and assets of the company.
The sales negotiation process is being handled by Deloitte LLP and follows their previous appointment as advisers to assess future corporate options for the company, announced in June 2019.
In a statement to the London Stock Exchange, Goals Soccer Centre said: ‘There is no certainty as to the timetable or outcome of this process. Shareholders will continue to be kept informed of developments as appropriate.’
Earlier this month, the company suspended share trading following revelations in April of this year of ‘significant’ accounting errors with around £12m of wrongly declared VAT and other accounting misstatements relating
Senior management, including former chief financial officer, and its founder and former chief executive are also being investigated by the company over ‘significant’ accounting errors discovered in the financial statements earlier this year.
Mike Ashley’s Sports Direct company has a 19% stake in Goals. In June, Goals CEO Andy Anson tendered his resignation as he had decided to take the role of CEO at the British Olympic Association where he is already a board member. According to a regulatory statement, he is to remain with Goals for the next six months to assist in resolving the accounting and VAT issues.