Thu, 11/04/2019 - 21:15
Mayfair-based alternative finance house IW Capital has today announced an investment in PlayMoreGolf, a flexible golf membership linking individual golf clubs across the United Kingdom under one membership.
PlayMoreGolf provides an alternative to golfers who desire more choice, more value, more flexibility and more convenience whilst enjoying the benefits of golf club membership. The EIS qualifying investment of GBP1 million will be used to accelerate growth through the recruitment of additional staff, focused on sales and marketing.
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 can be expensive, depending on the frequency played, it can be a lengthy process to choose a club, and also being attached to only one specific club restricts members from playing on a variety of courses.
The Play More Golf membership scheme enables golf clubs to attract new members and also provide additional revenues to the club. Golf clubs often do not have the infrastructure or resources to launch, maintain and combine flexible membership products together.
At completion, the Company had over 140 golf clubs as customers and approaching 4,000 playing members. This number is forecast to grow to over 500 clubs and 35,000 members. This comes alongside a premium white label service, which has already been sold to Yas Links, Abu Dhabi, ranked as the 44thbest golf course in the world.
The management team is formed of Alastair Sinclair (CEO), Jamie Carroll (CMO) and Lynn Sinclair (CFO). The team are now targeting international expansion in the key, highest golf playing countries in Europe, 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, says: “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, says: “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."
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