Dow Schofield Watts Transaction Services advised Foresight Group on its £4m private equity investment in Clubhouse Golf, the equipment, clothing and accessories retailer.
Clubhouse Golf was originally established as an on-course professional shop by founder Paul Reeves, with a high-street store in Salford. Its ecommerce platform, launched subsequently, has quickly increased customer reach and the retailer, which is now led by Paul’s son Ben, recently relocated to a 17,000 sq ft facility in Irlam to accommodate further expansion.
Foresight’s investment is expected to help the company strengthen key brand relationships and explore international commerce opportunities through developing its online platform, following the launch of its new website. Richard Styles, founder of sports merchandise retailer Kitbag, has been appointed as non-executive chairman to support the online growth of the business.
Ben Reeves, managing director of Clubhouse Golf, said: “Clubhouse Golf has really taken off as a business since launch to become a leading golf equipment retailer, and this investment will enable us to achieve the possibilities that the current rate of growth presents.”
Foresight’s investment was made from its £40m Foresight Regional Investment Fund (FRIF), which targets companies in the North West of England, North Wales and South Yorkshire.
Matthew Pomroy, investment manager at Foresight Group in Manchester, said: “Clubhouse Golf is a good example of the kind of growing SME we seek to invest in. It has an exciting young management team who have grown the business over 30 per cent in the last couple of years and built a great brand in the sport. The deal presents an exciting opportunity for business expansion through its new website both in the UK and internationally.”
Yorkshire Bank Specialist and Acquisition Finance provided funding to support the transaction.