World Leisure Jobs - Powerleague seeks CVA approval to safeguard future...
16 Oct 2018 World leisure: news, training & property
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

11 Oct 2018

Powerleague seeks CVA approval to safeguard future
BY Andy Knaggs

Powerleague says that failure to gain approval for proposed Company Voluntary Arrangement 'will most likely result in the company going into administration'

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."



Connect with
World Leisure
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
New “Hilltop Gallery” in China’s Yanshan mountains completes construction
New “Hilltop Gallery” in China’s Yanshan mountains completes construction   16 Oct 2018

A dramatic mountain-top arts centre has been built in the Yanshan mountains in China. The Hilltop Gallery – also known as the Phoenix Valley Summit .... more>>
New Westin resort touches down in the Maldives
New Westin resort touches down in the Maldives   16 Oct 2018

The Westin Maldives Miriandhoo resort has opened in the Republic of the Maldives. The estimated US$40m (€34.5m, £30.3m) Marriott International .... more>>
Rabat Morocco to be the home of Africa’s tallest building
Rabat Morocco to be the home of Africa’s tallest building   16 Oct 2018

The Bank of Africa skyscraper in Rabat, Morocco, will be the tallest building on the African continent, at 250-metres, when it opens in 2022. The .... more>>
Stockholm’s Nationalmuseum reopens following refurbishment
Stockholm’s Nationalmuseum reopens following refurbishment   16 Oct 2018

Larger exhibition areas across three floors will showcase more than 5,000 artworks including paintings, sculpture and photography at the reopened .... more>>
Company profile


Gantner Ticketing

Syx Automations was established in 1990.

View full profile>>

Catalogue gallery


Featured Supplier

Dyaco launches new Spirit Fitness Fluid Rower and refreshes 900 CV range

Dyaco launches new Spirit Fitness Fluid Rower and refreshes 900 CV range

Global fitness manufacturer Dyaco, has launched the new Spirit CRW900 Fluid Rower to add to its growing range of Spirit Fitness CV equipment. More>>




in this issue

• Verstegen: Gyms face 'changing landscape'
• Mark Anthony launches FirstLight Cycle
• Hard Rock Hotel to open in spring 2019



World Leisure jobs




Spa Therapists - Accommodation Available
Salary: Competitive Salary and Benefits
Location: Surrey, UK
Company: Beaverbrook Hotel
Spa Cleaning Attendant - Accommodation Available
Salary: Competitive Salary and Benefits
Location: Surrey, UK
Company: Beaverbrook Hotel
Spa Receptionist
Salary: Competitive Salary
Location: Surrey, UK
Company: Beaverbrook Hotel
Personal Trainers Wanted
Salary: Competitive
Location: London, United Kingdom
Company: Soho Gyms
Diary dates
Powered by leisurediary.com

24 Apr - 26 Nov 2018

MAPIC Russia

Expocentre, Moscow, Russia


15-18 Oct 2018

18th Annual IHRSA European Congress

tbc, Lisbon, Portugal



Leisure Management magazine 2018 issue 1
Leisure Management
2018 issue 1

View issue contents
View on turning pages
Download PDF
  Promotional feature: Alliance Leisure
The future of leisure in times of austerity More>>
  Arts & Culture: The show must go on
When austerity hits hard, UK theatres adapt and get creative More>>


Leisure Management magazine 2016 issue 1

Leisure Management
2016 issue 1

View issue contents
View turning pages
Download PDF
  Thermal Spa: Taking the waters
Magali Robathan met the key people behind the Gainsborough Bath Spa More>>
  Disruption: Rule breakers
Leisure architecture that’s pushing boundaries and upturning expectations More>>


Published by The Leisure Media Company Ltd Portmill House, Portmill Lane, Hitchin, Herts SG5 1DJ. Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd