NEWS
Powerleague seeks CVA approval to safeguard future
POSTED 11 Oct 2018 . BY Andy Knaggs
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."
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2018

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
 
Leisure Management - Powerleague seeks CVA approval to safeguard future...
12 Dec 2018 Leisure Management: daily news and jobs
 
 
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
Leisure Management
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
Ant-Man leads the way as Disney unveils future Marvel additions for its parks
Ant-Man leads the way as Disney unveils future Marvel additions for its parks   11 Dec 2018

Disney has unveiled a new interactive attraction based on its Ant-Man IP, with a raft of other Marvel super-hero experiences lined up for the .... more>>
ACSM 2019 fitness trends report: wearable tech tops the list
ACSM 2019 fitness trends report: wearable tech tops the list   11 Dec 2018

Wearable tech has made a comeback as the 'hottest fitness trend' for 2019 – with group training, HIIT and programming for the elderly also expected to .... more>>
Catalyst has supported 4,100 organisations since 2012, says HLF
Catalyst has supported 4,100 organisations since 2012, says HLF   11 Dec 2018

A new report published by Heritage Lottery Fund (HLF) has found that its Catalyst programme has led to British heritage being more resilient and less .... more>>
Arts sector internships identified as “problematic” in social mobility report
Arts sector internships identified as “problematic” in social mobility report   11 Dec 2018

Increasing numbers of graduates are having to take on multiple unpaid internships as they strive to get their foot on the ladder in sectors such as .... more>>
Northern Light reimagines science gallery as a circus
Northern Light reimagines science gallery as a circus   11 Dec 2018

Exhibition and gallery designer Northern Light has redesigned the kids’ gallery for Ciência Viva – an interactive science and technology centre in .... more>>
National Cowboy and Western Heritage Museum building education centre
National Cowboy and Western Heritage Museum building education centre   11 Dec 2018

The Annie Oakley Society of the National Cowboy and Western Heritage Museum has announced that ground has broken on a new education centre at the .... more>>
Company profile


SimEx-Iwerks Entertainment

SimEx Inc. is the parent company of SimEx-Iwerks Entertainment. Our main offices are located in Toronto, Los Angeles and Baltimore.

View full profile>>

Catalogue gallery


Featured Supplier

Matrix Fitness launches range of Target Training Cycles to UK market

Matrix Fitness launches range of Target Training Cycles to UK market

Matrix Fitness is set to transform the indoor cycling class with the launch of its Target Training Cycles. More>>




in this issue

• Nuffield: get wellbeing into schools
• Anytime's parent company buys Basecamp
• 'Wellness hotel' for £200m leisure hub



Latest jobs

Jobs Search



Membership Consultant
Salary: Competitive
Location: Sunbury-on-Thames, UK
Company: Everyone Active
Assistant General Manager
Salary: Competitive Salary and Benefits
Location: Lewisham, London, UK
Company: The Gym Group
Assistant General Manager
Salary: Competitive Salary and Benefits
Location: Edmonton Green, London, UK
Company: The Gym Group
Diary dates
Powered by leisurediary.com




15 Jan 2019

Prospects 2019

Expedia HQ, London, United Kingdom



Leisure Management magazine 2018 issue 1
Leisure Management
2018 issue 1

View issue contents
View on turning pages
Download PDF
  Tourism: Transforming Istria
In Istria, Croatia, tourism firm Maistra is changing the face of hospitality in the region, with a series of intriguing design-led hotels. As its most ambitious hotel project takes shape, Professor Terry Stevens finds out more More>>
  Social good: Spice of life
Oomph! founder Ben Allen is bringing variety to residential homes More>>


Leisure Management magazine 2016 issue 1

Leisure Management
2016 issue 1

View issue contents
View turning pages
Download PDF
  Talking Point: Cruise control
The cruise industry is expanding, but concerns are growing about pollution More>>
  Regeneration: High ideals
In Utah, a bunch of hip entrepreneurs is creating a crowdfunded ski resort 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