Goals Soccer Centres has admitted that the £12m black hole in its financial accounts could be considerably more than first thought, after the company was forced to de-list its shares this morning.
Goals, which operates five-a-side football pitches around the 海角视频, was hit with turmoil earlier this year when it revealed it owed millions in unpaid VAT dating back almost a decade.
The company suspended trading of its shares in May amid the scandal, which it said related to “improper behaviour” from members of its senior team.
It was estimated that the company owed HRMC around £12m, but Goals has now said the actual figure could be much higher.
Goals said: “The actual liability may be materially higher than that previously announced dependent on the approach and working assumptions that could be adopted by HMRC in assessing the misdeclaration.”
The ongoing review of the company’s financial statements meant that the Goals could not hit the deadline for filing its accounts with the London Stock Exchange. As a result the company has been forced to de-list from the market.
Goals added that failure to file the accounts was because of “the significant number and quantity of material correcting accounting entries” for the past three years.
The company added that there had been no further discussions with HMRC to find a resolution.
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Goals’ biggest shareholder is Sports Direct, the retail giant owned by billionaire Mike Ashley, which owns 19% of the company.
The retail giant has tabled an offer to buy Goals, putting forward an offer of 5p-a-share on September 5. The deal valued the company at £4m.
Despite shares being de-listed, the current board said it hopes trading in shares could continue by other means.
Goals said: “In due course, and if appropriate, the directors will seek to establish an off-market trading facility which match trades in the ordinary shares between willing buyers and willing sellers, acting as a central point for negotiation between 海角视频 stockbrokers.”
Meanwhile Goals’ former chief executive Keith Rogers and finance chief Bill Gow are under investigation over the accounting irregularities.