Travers Smith advises on CVA for Powerleague FivesFriday, 18 January 2019
Thursday, 18 October 2018
Travers Smith LLP has advised Powerleague Fives Limited, a leading provider of 5-a-side football facilities, on its company voluntary arrangement (CVA). The CVA was approved by Powerleague's creditors on 16 May 2018.
Powerleague currently operates over 440 pitches across 49 sites in the UK, and Ireland and the Netherlands and employs over 580 people. Powerleague's profitability had been adversely impacted by a combination of pressures, including increasing competition and rising costs, which jeopardised its future viability.
The CVA has been designed to rationalise the company's leasehold obligations and has identified 13 sites for closure after January 2019. It is one part of a wider turnaround plan, which will see an injection of funding into the business from the company’s sponsor to support digital investment and site refurbishments.
The Travers Smith team was led by Restructuring Partner Edward Smith, assisted by Restructuring Senior Associate Natalie Scoones, Restructuring Associate Kirsty Emery, with support from Real Estate Partner Alex Millar and Real Estate Associate Neela Bhurtun.
Travers Smith has advised on many of the recent high-profile recent restructurings and CVAs, including Carpetright, Carluccio's, Gaucho and House of Fraser.