Goals Soccer Centres has requested that trading of its shares are suspended on London's junior Aim market as it investigates a £12 million hole in its finances.
The East Kilbride based five a side football venue operator said it plans to enter into discussions with HMRC immediately and remains in discussions with its lenders to agree new financing facilities.
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Its has said investigations into historic accounting errors which emerged nearly three weeks ago have found "substantial misdeclaration of VAT", so far estimated at around £12 million.
The group said the final value of the error was still being established.
It also warned that new VAT accounting policies are likely to impact on its profits and said the accounting blunder issues may "lead to a material change in its overall financial position".
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In a statement it said: "The Board would also like to confirm that trading since 8 March 2019 has continued to be strong in both the UK and US, over the comparable period in 2018.
The Company will make further announcements in due course as the results of the investigation become known."
