Powerleague to axe 100 jobs in rescue deal affecting Sheffield
Five-a-side football pitch operator Powerleague is to axe more than 100 jobs under plans to shut 13Â sites, including one in Sheffield, as part of a rescue deal.
The group, owned by Patron Capital Partners, is set to close 13 sites after creditors and shareholders voted through its Company Voluntary Arrangement (CVA) - a controversial insolvency procedure used by struggling firms to close under-performing units.
The closures are likely to lead to the loss of 109 jobs and affected staff have been informed.
COURT: Man to stand trial over alleged stabbing in Sheffield But Powerleague expects to keep the sites earmarked for closure, including one in Attercliffe,Â Sheffield,Â open until at least the end of January.
Powerleague said the move was its '˜last chance'Â to rescue the company, adding that it would go bust without the restructuring.
It follows three years of declining revenues and failed attempts to raise sufficient funds to meet lease obligations.
Christian Rose, chief executive of Powerleague, said: "Today's positive news means we are one step closer to restructuring Powerleague with the necessary investment.
"It is clearly a very difficult time for those whose jobs are affected and we will continue to offer them our support.
"The CVA is our last chance to rescue the company, and I am absolutely committed to our long-term turnaround plan.'
Powerleague runs more than 440 pitches across 49 sites in the UK, Ireland and the Netherlands and directly employs over 580 people, as well as having contracts with sports coaches and referees.