Mayfair-based alternative finance house IW Capital has invested £1m in PlayMoreGolf, which links individual golf clubs across the United Kingdom under one membership.
This allows golfers who may not be able to justify the cost of full individual membership more choice, more value, more flexibility and more benefits.
The EIS qualifying investment of £1m will be used to accelerate growth through the recruitment of additional staff. The golfing sector has seen a decline in the number of full time golf club members for a number of years. Being a member of a golf club is expensive, and also being attached to one specific club restricts members from playing on a variety of courses.
The PlayMoreGolf membership scheme enables golf clubs to attract new members and also provide additional revenues; they rarely have the infrastructure or resources to launch and maintain flexible membership products together.
At completion, the company had over 140 client golf clubs and approaching 4,000 playing members. This number is forecast to grow to over 500 clubs and 35,000 members.
The management team is formed of Alastair Sinclair (CEO), Jamie Carroll (CMO) and Lynn Sinclair (CFO). The team are now targeting international expansion in Europe’s key golfing countries, including Germany, Sweden, France, Netherlands and Spain. This focus will then move 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, added: “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.”