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11 Oct 2018
Powerleague seeks CVA approval to safeguard future
BY
Andy Knaggs
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Powerleague says that failure to gain approval for proposed Company Voluntary Arrangement 'will most likely result in the company going into administration'
A proposed Company Voluntary Arrangement (CVA) to restructure 5-a-side football operator Powerleague would lead to the closure of 13 of the company’s 50 sites in the UK and Ireland, with more than 100 jobs likely to be lost. Powerleague says that failure to gain approval for the proposal to deliver a refinanced, restructured business "will most likely result in the company going into administration". The proposal is due to be voted upon by creditors at a meeting on 16 October 2018, where a 75 per cent approval rate is required. Following this, there would be 28-day statutory appeal window for any legal or procedural challenges.
If successful, the business would then implement a long-term plan, with new capital investment provided through Patron Capital and its partners. The expectation is that the 13 sites identified for closure would remain open until at least the end of January 2019.
The CVA proposal comes immediately on the heels of Christian Rose being appointed as CEO at Powerleague and Mike Evans as CFO, both of whom were involved in a successful restructuring programme at boutique bowling enterprise All Star Lanes. Rose has also worked on turnarounds for G&J Greenall and Chicago Rock Café.
One of the UK’s leading 5-a-side football facilities providers, Powerleague has more than 440 pitches across its 50 sites, employing more than 580 people. However, it says it's suffered three years of declining revenues and failed attempts to raise funding under current lease terms.
Christian Rose said: "These significant changes are essential to a sustainable future for Powerleague and I am committed to our long-term turnaround plan."
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