Powerleague CVA approved

Powerleague’s company voluntary agreement (CVA) has been approved by its creditors and shareholder. The business will now look to implement its long-term business plan with new capital investment being provided through its private equity owner Patron Capital and its affiliates. The process is being led by chief executive Christian Rose, chief financial officer Mike Evans and the existing management team. Rose said: “Today’s positive news means we are one step closer to restructuring Powerleague with the necessary investment. “It is clearly a very difficult time for those whose jobs are affected and we will continue to offer them our support. “These significant changes are essential to a sustainable future for Powerleague. The CVA is our last chance to rescue the company and I am absolutely committed to our long-term turnaround plan.” The five-a-side football operator owns nearly 50 sites, covering 6.7m sq ft, across the UK and Europe. The CVA has been designed to rationalise the company’s leasehold obligations and facilitate the refinancing and restructuring of the business. The company proposed a CVA as a last resort following three years of declining like-for-like revenues and failed attempts to turn around the business through alternative means. Following a comprehensive review of the business, the directors identified 13 sites for closure. The sites are expected to remain open until at least the end of January 2019. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette