Golfbreaks.com, one of the UK’s leading golf travel companies, is pleased to announce that it has successfully raised £3.3 million from its second mini-bond, which was launched at the start of October. The Company had initially targeted only £2 million but experienced significant investor demand throughout the offer period. The mini-bond will be delivering bondholders 7.5% gross interest.
The Company launched its second mini-bond, Golfbreaks Bond 2, to raise new funds to fast track its operational and marketing developments in the USA, Scandinavia and the UK, as well as to further strengthen its technology platforms. The Company issued its first mini-bond back in 2014, raising £2.9 million directly from its customer base.
In 2016, Golfbreaks.com has grown its annual turnover to £60 million and booked holidays for 215,000 golfers. The Company has also experienced significant growth in US customers booking trips to UK and European destinations, which it began catering for a year ago. In the three months from July to September this year, sales to Golfbreaks’ US customer segment increased by 238% on the previous quarter. The Company also recently acquired the premium golf travel business Xclusive Golf, which was owned by Sarah Stirk, presenter of Sky Sports’ golf coverage.
Financial adviser Grant Thornton UK LLP and solicitors Memery Crystal LLP have acted as advisers on Golfbreaks Bond 2.
Commenting on the fundraising, Andrew Stanley, Golfbreaks.com’s Chief Executive, said: “The success of our first bond meant we were confident in hitting our £2 million target, but to raise a further £1.3 million is a huge achievement. It is a testament to the strength of our brand and customer relationships and recognition of the rapid progress our business is making.
“We can now accelerate our growth and plan to capture a significant share of the US domestic golf travel market, as well as further develop our UK and Scandinavian businesses.”