Sport, parks and leisure - Powerleague seeks CVA approval to safeguard future...
19 Dec 2018 Sport, parks, & leisure: 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
Sport Parks Leisure
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
London Mayor's new Sport Strategy includes £8.8m funding pledge
London Mayor's new Sport Strategy includes £8.8m funding pledge   18 Dec 2018

The Mayor of London has published his Sport for All of Us strategy, following its official adoption by the London Assembly. The strategy, .... more>>
US$192m redevelopment of Atlanta Hawks arena brings 'community indoors'
US$192m redevelopment of Atlanta Hawks arena brings 'community indoors'   18 Dec 2018

The State Farm Arena in downtown Atlanta has fully reopened, following a US$192.5m (€169m, £152m) renovation project which has transformed the .... more>>
Qatar unveils eye-catching design for Lusail Stadium
Qatar unveils eye-catching design for Lusail Stadium   17 Dec 2018

Qatar’s Supreme Committee for Delivery & Legacy (SC) has revealed the renderings for Lusail Stadium – one of the many multipurpose venues that will .... more>>
US to have professional T20 cricket competition 'by 2021'
US to have professional T20 cricket competition 'by 2021'   17 Dec 2018

USA Cricket plans to set up a professional T20 cricket league in the country by 2021. The national governing body has launched a search for an .... more>>
Work to begin on £18m community football project in Sunderland
Work to begin on £18m community football project in Sunderland   17 Dec 2018

Building work is set to begin in January 2019 on three community football hubs in Sunderland. The £18.04m project is being funded by the Premier .... more>>
Company profile


Crown Sports Lockers

We design, manufacture and install bespoke timber furniture, including lockers, vanities, bench seating, treatment rooms, washrooms, cubicles, bedroom furniture and reception desks.

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

• Third of children live sedentary lived
• Victus Soul opens first studio in London
• Brutalist building to reopen as luxury hotel



Latest jobs

Jobs Search



Swim Manager
Salary: Competitive salary
Location: Stratford-upon-Avon, UK
Company: Everyone Active
Sales Manager
Salary: £20.000 pa
Location: Homerton
Company: énergie group
Personal Trainer
Salary: Competitive
Location: Homerton
Company: énergie 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
  Environment: Back to nature
British wildlife is being attacked on many fronts. Stephanie Hilborne, CEO of The Wildlife Trusts, wants to involve everyone in preserving nature 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
  Tourism: Ireland’s wild side
The Wild Atlantic Way is helping tourists discover a whole new side of Ireland More>>
  Hospitality: Wasted opportunity
Restaurants take innovative approaches to solve the problem of food surplus 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