Powerleague, the 5-a-side artificial football pitch provider, has announced that it is seeking approval to restructure its debts via a Company Voluntary Arrangement (CVA). Powerleague operates 440 pitches at 50 sites across the UK and Ireland. The CVA plan put forward by Deloitte aims to close down 15 sites with the loss of 109 jobs.
A new chief executive, Christian Rose, was hired in the summer to try and turn the fortunes around for the firm as he had done at the All Star Lanes bowling firm which had a successful restructuring..
“Closing sites is a difficult decision to make and we are supporting those personally affected,” said Mr Rose.
“These significant changes are essential to a sustainable future for Powerleague and I am committed to our long-term turnaround plan.”
The 13 sites earmarked for closure are:
- Leeds East (Football World)
- Leeds North
- Manchester South
- Leeds Central
Categories: What is a CVA or Company voluntary arrangement?