Back of the net: Goals Soccer Centres to raise £16.75m and completes strategic review
Goals Soccer Centres will kick off a share placing to raise £16.75m this summer, as part of a new plan for the group after completing an in-depth business review.
The company, which operates more than 40 five-a-side football centres across the UK, will place 16.75m shares at a price of £1 per share, and said the proceeds of the placing will be used to fund an "arena modernisation catch-up programme".
The money raised will also go towards refurbishing Goals' clubhouses, pay off debts, and a US pilot site. Goals announced last year it was aiming to expand Stateside after the World Cup had boosted interest in the beautiful game.
The group has set out four key priorities following its strategic review: growing its UK estate; upgrading its IT systems and keeping ahead of competitors; focusing on international expansion; and developing additional revenue streams. Goals said it will "remain open to potential accretive, complementary business opportunities".
The firm also plans to return to paying dividends in 2017, "when the balance sheet recovers". Goals' share price was hammered in September 2015 when the group issued a profit warning, complaining players were increasingly cancelling their reservations to take advantage of the strong pound and avoid the poor UK weather by holidaying abroad.
Goals did however receive a boost when Sports Direct boss Mike Ashley bought into the company, taking a 4.9 per cent stake in November last year.