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Inflexion blows final whistle with sale of Goals Soccer Centers | UK News

Goals Soccer Centres, one of the UK’s largest operators of 5-a-side football pitches, is to be sold to its management team, completing a three-year private equity-owned operation.

Sky News understands that Inflexion Private Equity, which bought the company in 2019, has reached an agreement to sell the company that could be announced within days.

The price at which Inflexion Goals is selling was unclear on Sunday, although Sky News reported when the sale process was being prepared last November that it could be in the region of £200million.

Goals was forced to delist from the London Stock Exchange in 2019 amid bitterness sparked by an apparent scam.

At the time, it counted Mike Ashley, founder of Sports Direct, among its largest shareholders, with the sportswear tycoon considering a bid for the company at one point.

Inflexion has partnered with Goals founders Barry and Ian McDermott to buy the company via a pre-pack administration in late 2019.

In the aftermath, retail has mostly been impacted by the COVID-19 pandemic, but sales are believed to have rebounded sharply as consumers seek to take advantage of post-lockdown freedoms.

Goals operates more than 450 pitches in 42 centers across the UK and employs over 700 people.

It competes with Power League, another private operator.

Goals’ red card from the London Stock Exchange came after it began investigating what it described as “inappropriate behavior by a small number of past individuals within the company”.

Accounting firm BDO produced a report alleging that Goals’ former chief executive and chief financial officer worked together to create fictitious accounts.

Keith Rogers, former Goals CEO and architect of the IPO, had denied any wrongdoing, while Bill Gow, the former chief financial officer, did not comment on the allegations.

The current status of ongoing investigations into the conduct of the directors is unclear.

Flexion declined to comment this weekend

Inflexion blows final whistle with sale of Goals Soccer Centers | UK News

Source link Inflexion blows final whistle with sale of Goals Soccer Centers | UK News

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