Alternative finance house IW Capital has announced an enterprise investment scheme (EIS) qualifying investment of £1m into flexible golf membership company PlayMoreGolf which links individual golf clubs across the United Kingdom under one membership. The funds will be used to accelerate growth through the recruitment of additional staff, focused on sales and marketing.
The company provides an alternative to golfers who may not be able to justify the expense of a full golf membership but want what they consider choice, value, flexibility and convenience of membership benefits across a number of clubs.
At completion, the Company had over 140 golf clubs as customers and almost 4,000 playing members. Target growth is forecast at over 500 clubs and 35,000 members.
The company plans international expansion in the key, highest golf playing countries in Europe, including; Germany, Sweden, France, Netherlands and Spain and then to markets further afield such as Australia.
Luke Davis, CEO and Founder of IW Capital said: “The funding provides a major boost to a well-established, UK company to help expand its international scalability. We are thrilled to be able to help PlayMoreGolf take the next step in their growth through our EIS qualifying equity offering.”
Alastair Sinclair, CEO of PlayMoreGolf said: “This investment marks a significant milestone in PlayMoreGolf’s growth to date, signifying not only the scale of the market, but our role in this wider context. We’re keen to ensure that the new investment manifests into some truly exciting developments.”
Davis recently commented on the delay to the UK exit out of the EU and the impact this could have on the outcome on investment.
“Small businesses in the UK are undoubtedly hoping for increased certainty over the Brexit deal and leaving date,” he said. “Once the deal is confirmed the sentiment to push on with business will really be able to take off. As entrepreneurs and investors look to capitalise on new opportunities that are bound to exist after Brexit. Over the last year or so, we have seen a concerted effort to get on with business, regardless of Brexit and the eventual outcome.
“One thing that we need to ensure is that entrepreneurs and investors looking to start or support a small business are not put off by the turmoil in Parliament. We have experienced record deal flow and buoyant investor confidence. What Brexit ends up looking like will not affect the fantastic range of innovative, growing SMEs we work with that are likely to drive our private sector forward.”