The 2012 Olympic legacy will live on after Moore Stephens secured a successful sale of Sporthouse 2012 Limited of an asking price of £10m.
Sporthouse, the largest indoor sports centre in England, hosted Olympic and Paralympic athletes in its role as an official games training venue during London 2012. Unfortunately, last summer, Sporthouse went into administration after not achieving its forecast targets. David Elliott and Simon Paterson of Moore Stephens were appointed as administrators.
After a careful search for a purchaser, an offer was accepted on 31 January 2014 from Greenwich Leisure Limited. “We are thrilled to have worked alongside ES Group on the successful completion of the sale, which meant that we were able to secure all jobs at the centre,” explained David Elliott, one of the administrators and a partner in the Restructuring & Insolvency team at Moore Stephens.
In what has been a challenging few months, David and his team took over the responsibility of running the centre. “During that period, with the support of the centre’s fantastic staff, the gym membership actually increased and the centre welcomed back both the FA and Premier League, who were promoting Futsal, a variant of 5-a-side football,” said David.
The purpose built centre based in Dagenham is large enough to park three Boeing 757s – with room to spare!
“By stabilising the business, steps can now be taken to build on what had been achieved.” said David. “The centre now has the opportunity to move forward and fulfil the legacy that was envisaged for both the centre and the 2012 London Olympics and Paralympics.”
Restructuring & insolvency