Hi, it’s Paul here.
Please see the header for the results/trading updates today which have caught my eye. I”m on a tight timetable today, so will work my way through as many of those as possible, before I have to head off around noon, to an investment seminar.
Goals Soccer Centres (LON:GOAL)
Shares suspended
I think this is probably the end for shareholders here. The company has today announced a “substantial mis-declaration of VAT” estimated at £12m. Presumably that means underpaid VAT. The shares are now suspended.
The Company intends to enter into discussions with HMRC immediately and remains in discussions with our lenders to agree new facilities.
Good luck with that.
I’d be amazed if the bank is prepared to continue supporting this business, now that it has become clear that the books were incorrect, by a substantial amount, over several years. Worse than that, the company’s announcement today appears to be disclosing what might be VAT fraud, or at the very least, gigantic errors.
It seems improbable to me that a business of this small size can accidentally underpay £12m VAT. That’s serious incompetence, possibly worse. We don’t yet know the full facts, so I’m…
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