Goals accountancy shambles stretches back “at least” until 2011

The revelations look set to see the company’s shares kicked off the stock exchange.

It is the latest blow for the firm which is which is almost a fifth owned by Sports Direct and House of Fraser owner Mike Ashley.

In March Goals revealed that it had discovered what it called “substantial” VAT errors totalling £12 million and counting.

At that point the company said the mistake went back “several years” and efforts were underway to determine the full extent of the accounting blunder.

On the back of those revelations, the firm delayed the publication of its financial results for last year as it worked to revise them.

In June Goals then confirmed it had appointed Mike McGill as interim chief financial officer and Deloitte to work with current advisers and lenders to assess “future corporate options” for the business.

The firm said this week that, as the issues with the accounts stretch back nearly a decade, there was “material uncertainty” surrounding its historic financial statements.

The firm blamed “a number of individuals” for the near decade long mismanagement.

While Goals has until the end of September to release its latest financial results, it expects to miss that deadline.

“The directors do not now believe this timeframe for the audit is achievable,” the firm told shareholders.

As a result Goals no longer expects its shares to resume trading.

The listing of its shares on the AIM market is “expected to cease and cancellation will be effective from 30 September 2019”.