Goals Soccer Centres PLC Trading Update (0985U)
27 March 2019 - 6:01PM
UK Regulatory
TIDMGOAL
RNS Number : 0985U
Goals Soccer Centres PLC
27 March 2019
Goals Soccer Centres PLC
("Goals" or the "Company")
Trading update
Following our announcement on Friday 8 March 2019, the Company
has continued to work with its auditors to assess historical
accounting errors and policies adopted by the Company. The value
associated with these errors is still to be finalised but remains
significant.
The Company today announces that as part of its assessment the
Board has concluded that there has been a substantial
misdeclaration of VAT, going back over several years. The final
value of the misdeclaration has still to be established, but
currently the figure stands at approximately GBP12.0 million. The
Company also expects that the VAT accounting policies they intend
to adopt may have an impact on profitability going forward.
The Company intends to enter into discussions with HMRC
immediately and remains in discussions with our lenders to agree
new facilities.
The Company believes the above may lead to a material change in
its overall financial position and the Company is currently unable
to provide clarity to the extent of that impact without the receipt
of further information. As a result the Company has requested that
its shares be suspended from trading on AIM.
The Board would also like to confirm that trading since 8 March
2019 has continued to be strong in both the UK and US, over the
comparable period in 2018.
The Company will make further announcements in due course as the
results of the investigation become known.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
27 March 2019
Enquiries
Goals Soccer Centres plc
Michael Bolingbroke, Chairman
Andy Anson, Chief Executive Officer 01355 234 800
Canaccord Genuity Limited (Nominated Adviser and Broker)
Chris Connors
Martin Davison
Richard Andrews 020 7523 8350
Instinctif Partners
Matthew Smallwood
Andy Low 020 7457 2020
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END
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