Powerleague scores own-goal as it announces closure of 13 sites
Five-a-side footie pitch operator Powerleague has today tabled a rescue plan which will result in it closing 13 sites and axing 109 jobs.
It currently runs 440 pitches on 50 sites, but has struggled with falling revenues and has struggled to pay the leases on its properties.
The firm wants to make the changes through a company voluntary agreement (CVA) an insolvency process used to pay creditors over a fixed period of time.
"Without an approved CVA, Powerleague will not be able to secure the additional funds that the business needs and will most likely result in the company going into administration," the company said.
Creditors will vote on the CVA on 16 October. Powerleague has already held initial discussions with landlords about its restructuring, the company said.
Last month, Powerleague hired Christian Rose as chief exec, who has experience restructuring bowling alley chain All Star Lanes.
"Closing sites is a difficult decision to make and we are supporting those personally affected," Rose said.
"These significant changes are essential to a sustainable future for Powerleague and I am committed to our long-term turnaround plan."