Goal Football centers bought by rival Soccerworld

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Troubled five-a-side football pitch operator Goals Soccer Centers is bought by rival Soccerworld.

Target, which is partially owned by Sports Direct's Mike Ashley, was put up for sale in August following the rise of an accounting scandal.

In a statement, Target said it was acquired by Northwind 5s Ltd.

The new company is supported by private equity firm Inflexion and Soccerworld, which operates five centers in Scotland and England.

The price paid for the Objective's assets is understood to be approximately £ 27 million.

  • Former target managers under investigation
  • Goal Football reveals accounting scandal

The East Kilbride-based firm operates five locations in 45 different locations in the United Kingdom and the United States.

& # 39; Very Serious Questions & # 39;

In its statement, Goals stated that it was placed in administration and that the assets were immediately taken over, and protected the jobs of 750 employees.

It also detailed what it called "very serious problems" with its accounts for at least 1[ads1]0 years.

Objective has already admitted that under-reporting of its tax liability meant that it owed HM Revenue and Customs more than £ 13m.

It now says that the tax bill could be "very significantly more" and that it may have exaggerated profits since 2009 by as much as £ 40 million.

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It was reported earlier this week that an information file was sent to the Serious Fraud Office.

Statement of Objections reads: "The Board of Directors and the management of Goals have worked tirelessly over the past eight months with their advisors and lenders to identify and resolve the Company's problems related to miscalculation of value added tax and other serious accounting issues, which extend several years back. [19659005] "Each avenue has been explored to provide the best possible outcome for all stakeholders in the business.

"However, in the end, the only available solution, given the company's debt, the undisclosed VAT situation and inappropriate accounting, was to accept that the company needed to delist and that the company should conduct an accelerated M&A (mergers and acquisitions) process to seek a buyer for the business and its assets. "

Soccerworld is run by Ian and Barry McDermott, whose father Ian founded Goals Soccer Centers in 1987 before selling it in 2000.

In a joint statement, the brothers said they were" happy "to come back to the company.

They added: "The business has grown significantly over the years as the market continues to evolve and grow.

" We look forward to working with Inflexion as we continue to expand the company and continue to provide first class football facilities to a loyal customer base. "

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