Warrington-based American Golf, Europe’s largest golf retailer, has secured a £20m debt refinancing package from Royal Bank of Scotland Corporate.
American Golf commenced trading in the late 1970s and has since grown into Europe’s leading specialist golf retailer, with over 700 staff. It operates 92 branches across the UK and the Republic of Ireland which, together with its significant online presence, sell an extensive range of branded products and accessories for golfers. In the last financial year EBITDA stood at £8.8m and turnover at £108m.
The refinancing package agreed with RBS Corporate will enable the company to continue to pursue their growth strategy, including a target of opening six new stores per year and continuing to build its online presence.
Kevin Styles, chief executive, American Golf, said: “We are delighted to have finalised this transaction which provides us with the financial certainty that we need to expand our store network and online presence in the popular and rapidly growing golf industry. We are grateful for the support from Royal Bank of Scotland which helps us to enhance our long-term growth strategy and strengthen our market leading position.”
Craig Cheetham, Relationship Director at RBS Corporate said: “We have enjoyed a long and successful relationship with American Golf stretching back to 1987 and are delighted to have been able to support them in this latest transaction. We look forward to being part of the company’s continued growth.”