British-based equipment brand Benross has secured funds to increase its growth following a £2 million refinancing deal secured through investment firm Independent Growth Finance (IGF).
Benross, which was set up by chief executive Jon Everitt in 1997, has secured the boost to working capital funds in order to cement the company’s position as the largest independently owned golf equipment manufacturer in Europe.
The Weybridge-based company saw revenue growth hit 45% in 2017, and that momentum continued into 2018. Significant investment has already been made in new product development, sales and marketing, workshop and head office staff, but more funding was needed to continue to grow at speed and work to expand its market share in Europe.
“As an equipment manufacturer, working capital is paramount,” said Everitt. “Ernst & Young helped us look for a working capital funding partner. IGF stood out. We chose IGF as they offered the best combination of stock levels and invoice discount financing – £2m in total, with consideration of fee rates. Previously we only had invoice discounting with Barclays, but at less favourable rates. IGF took their time to understand our business, our challenges and opportunities and importantly our ethos.
“IGF has given us a flexible combination of inventory and receivables financing. It has provided a sound financial base from which we will focus our European growth ambitions. Our focus remains on delivering outstanding quality service and equipment.”
John Hughes, commercial director at IGF, commented: “Benross is one of the UK’s most established sporting brands. Their unique commitment to crafting high-quality products at affordable prices has cemented their name in the game and earned them a national following. Our funding will help support significant expansion and replicate their success across Europe. All while continuing to focus on the needs of the British golfing community.”
As well as selling its own brand golf equipment, from 2017, Benross obtained the exclusive distribution in the UK and Ireland for Bridgestone golf balls and accessories. This has proved to be a significant pillar for the business, resulting in increased market footprint for both brands in Europe.