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Powerleague shoots for AIM

Article Date:  Apr 27 2005

Five-a-side soccer centres business Powerleague, which is bossed by ex-Spurs chief executive and turnaround specialist Claude Littner, plans to list on AIM in late May.

The company is planning to raise £12.5 million, with the help of Evolution Securities, to repay debt and £2.6 million of preference shares, fund further growth and attract sponsors.

However, the company, which already boasts high profile sponsorship deals with Xbox and Nike, has a hard act to follow. Rival venture Goals Soccer Centres has already seen its market value double since floating in December.

Powerleague was formed in December 1999 following the merger of two 3i investee companies. Littner, who joined as chairman in the summer of 2001, led a management buyout from 3i two years later. Under his guidance, the firm has flourished, with profits for the year to June 2004 striking £2.4 million, off a top line of £15.3 million.


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