Goals Soccer Centres to expand to the US

Goals Soccer Centres to expand to the US

Five-a-side football business Goals Soccer Centres has raised £16.75 million to refurbish its UK estate and push ahead with its US expansion.

The East Kilbride-based firm - which runs 47 sites including one in California - said it will use the cash to modernise 25 centres between July and October this year.

It also said it will spend £2.6 million on building a second Californian site in Pomona, Los Angeles, in the second half of the year.

It said it placed 16.7 million new shares with institutions at 100p a share.

The move comes as the firm has completed a strategic review in a bid to boost its fortunes.

Last month it appointed former casino boss Mark Jones, who joined from Rank Group, where he headed up Grosvenor Casinos, to push the business forward. It also appointed a number of new non-executive directors.

Mr Jones replaced Keith Rogers, who is now in charge of the US business.

The firm said: "Goals has now completed an in-depth review of the group's business and operations and has, as a result, developed a detailed strategic plan for the group going forward."

Goals Soccer Centres said its modernisation programme will cost £3.5 million, while a number of other sites will be refitted to an upgraded "clubhouse" model with improved changing rooms and cafe facilities, which will cost £7.9 million.

In March, the five-a-side specialist reported a full-year £6.2 million pre-tax  loss, its first in 12 years, and scrapped the dividend, blaming cheaper competition.