Failed takeover bid cost five-a-side pitch operator
GOALS Soccer Centres, the five-a-side football pitch operator, incurred costs of £1.35m in relation to the failed takeover bid from a Canadian pension fund and a successful appeal against VAT charges.
The East Kilbride group has also written off £2m of development costs after switching to a new construction system which the company said will speed up the time it takes to build new facilities.
Pre-tax profits at the East Kilbride company fell to £1.6m for the six months to 30 June, down from £4m a year earlier. Sales rose 11 per cent to £16.3m.
The company also announced plans to strengthen its balance sheet by placing just over 2.4 million new shares at 115p each, raising almost £2.8m.
Managing director Keith Rogers said: “2012 has proven to be an eventful period for Goals with a number of positive outcomes that deliver ongoing benefits for our business including the opening of our first modular build site in Chester, which is performing as management had expected, and a successful appeal against HMRC’s decision concerning league bookings and VAT.
“As Goals has grown significantly in size we are now also able to take advantage of our national presence and benefit from promotions and sponsorships deals that our size now affords.”
The £73.1m offer from Ontario Teachers’ Pension Plan was backed by Goals’ executive team but failed to gain adequate support from investors.