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Fri 2nd Aug 2019 - Goals Soccer Centres finds “improper behaviour” within the company since 2010, no longer expects to resume AIM trading
Goals Soccer Centres finds “improper behaviour” within the company since 2010, no longer expects to resume AIM trading: Goals Soccer Centres has told the Stock Market this morning that it has been the subject of “improper behaviour” by individuals since 2010 or before. The company stated: “The company regrets to announce that, following ongoing detailed investigatory work into the historic accounting policies and practices used by the company in the recognition of revenue and the preparation of financial statements, it has become very recently evident that there has been improper behaviour within the company. This has involved a number of individuals for a period since at least 2010. Due to these initial findings, there is material uncertainty in relation to the historic financial statements published by the company. Work on the company’s full-year 2018 audit has therefore been suspended until further clarification on the historic financial statements has been obtained. A key criteria for the resumption of trading in the ordinary shares of the company is the completion and publication by 30 September 2019 of the full year 2018 audited financial statements. The directors do not now believe this timeframe for the audit is achievable and, coupled with the findings above, no longer expect the ordinary shares in the company to resume trading. The listing of the company’s ordinary shares on AIM is therefore expected to cease and cancellation will be effective from 30 September 2019. The company confirms that there have been no material developments in the ongoing dialogue with HMRC in establishing a timetable for resolving any misdeclaration of VAT and in establishing a final value of money owed. Discussions with the debt providers remain positive and they have confirmed to the company that the existing debt facilities will remain in place post the initial 31 July 2019 review date, albeit that one of its covenant thresholds has been exceeded. Year-to-date sales across the 45 sites in the UK on a gross like-for-like basis are up +11.5%. The company’s US gross like-for-like sales are up +14.5%. The company will make further updates as appropriate and when more information is available.” Goals Soccer Centres requested the suspension of trading of its shares on AIM in March while it investigated a £12m misdeclaration of VAT. The East Kilbride-based company, which operates more than 40 sites across the UK and four in the US, said in a trading update then that the historical accounting errors could lead to a “material change in its overall financial position”.

Majestic Wine to sell Majestic Retail for total of £100m: Majestic Wine has entered into an agreement to sell the Majestic Retail and Commercial businesses to CF Bacchus Holdings, a vehicle controlled by funds managed by Fortress Investment Group LLC, for £95m. A separate sale of one freehold property previously owned by MWWL to an independent third party is expected to realise a further £5m subject to approval of a planning application for redevelopment, bringing total proceeds to approximately £100m. The company stated: “These transactions represent a major milestone in the group’s history, enabling the board to focus on driving growth in the Naked Wines business, which has a disruptive online model and operates in fast growing markets. Naked is currently testing a number of initiatives, and may develop options for additional initiatives, which have the potential to increase its rate of investment and growth. Therefore, any further returns to shareholders will be considered once the company has realised additional proceeds from its ongoing program of sales and clarified its future capital requirements. The disposal is subject to Majestic shareholder approval. A circular containing further details of the proposed disposal and containing the notice convening a general meeting to consider a resolution to approve the disposal will be sent to group shareholders as soon as practicable.” Rowan Gormley, chief executive of Majestic, said: “I am delighted that we have managed to secure an independent future for both Naked and Majestic Retail and Commercial, allowing both companies to pursue growth by focusing on their unique propositions. I would like to thank all staff, customers and suppliers for their loyalty during this process. We look forward to the future and continuing to focus on what we do best… sharing our spectacular wines from our hundreds of talented winemakers with our customers!”

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