Updates and Ideas

Powerleague - Leagues make 5-a-side sticky

December 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Commercial 5-a-side football venues are booming and the ‘06 World Cup is likely to boost the sector. At present there are two quoted operators; Goals Soccer (GOALS; 155p) and Powerleague (PWR; 64p). Over the month, we met with Powerleague’s Chairman, Claude Littner, a former Amstrad executive and also former chairman of Tottenham Hotspur, who took the reins in 2001 at the request of 3i. At that point, Powerleague was in serious disarray. The previous management had focused on growing bar sales rather than the higher margin (typically 85%+) football revenue and sought scale at the expense of quality. Under Littner, Powerleague did not open any new sites between 2001-3 but spent the time improving vari ...

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