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August 5, 2019

Goals to delist as more evidence comes to light

Goals Soccer Centres has announced that it will delist from AIM with effect from 30 September 2019. The news came in an update by the company which said that ‘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 auditing FY 2018 has been suspended until the historic financial statements have been clarified. Goals said that the aim of publishing the 2018 figures by 30 September 2019 is not now achievable.

The company is also in ‘ongoing dialogue’ with HMRC in regard to ‘establishing a timetable for resolving any misdeclaration of VAT and in establishing a final value of money owed’.

In the meantime Goals’ bankers are apparently willing to extend existing debt facilities even though one of the company’s covenant thresholds has been exceeded.

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