2 Aug 2019 07:00
Goals Soccer Centres PLC
("Goals" or the "Company")
Update
The Company regrets to announce that, following ongoing detailed investigatory work into the historic accounting policies and practices used by the Company in the recognition of revenue and the preparation of financial statements, it has become very recently evident that there has been improper behaviour within the Company. This has involved a number of individuals for a period since at least 2010. Due to these initial findings, there is material uncertainty in relation to the historic financial statements published by the Company. Work on the Company's full-year 2018 audit has therefore been suspended until further clarification on the historic financial statements has been obtained.
A key criteria for the resumption of trading in the ordinary shares of the Company is the completion and publication by 30 September 2019 of the full year 2018 audited financial statements. The Directors do not now believe this timeframe for the audit is achievable and, coupled with the findings above, no longer expect the ordinary shares in the Company to resume trading. The listing of the Company's ordinary shares on AIM is therefore expected to cease and cancellation will be effective from 30 September 2019.
The Company confirms that there have been no material developments in the ongoing dialogue with HMRC in establishing a timetable for resolving any misdeclaration of VAT and in establishing a final value of money owed.
Discussions with the debt providers remain positive and they have confirmed to the Company that the existing debt facilities will remain in place post the initial 31 July 2019 review date, albeit that one of its covenant thresholds has been exceeded.
Year-to-date sales across the 45 sites in the UK on a gross like-for-like basis are up +11.5%. The Company's US gross like-for-like sales are up +14.5%.
The Company will make further updates as appropriate and when more information is available.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
2 August 2019
Enquiries
Goals Soccer Centres plc Michael Bolingbroke, Chairman Andy Anson, Chief Executive Officer | 01355 234 800 |
Canaccord Genuity Limited (Nominated Adviser and Broker) Bobbie Hilliam Richard Andrews | 020 7523 8350 |
Instinctif Partners Matthew Smallwood Andy Low | 020 7457 2020 |