Wed, 22 Apr 2020 | BUSINESS SALE
Foresight Group LLP has completed the successful sale of Clubhouse Golf to all4golf, the fourth successful exit for Foresight’s Private Equity team in the past twelve months.
The sale represents the first exit for Foresight’s £58 million Foresight Regional Investment LP (“the Fund”) The Fund was launched in 2016 to support small businesses in the North West of England and North Wales, investing in 15 companies to date.
The terms of the deal were undisclosed, but it delivered six times return for the Fund’s investors. Since Foresight’s original investment in 2017, Clubhouse’s revenue has more than doubled to close to £30 million, following strong UK growth and successful expansion into the European Market.
Since the Fund’s original investment, Clubhouse has launched a new website and delivered an effective marketing strategy via social media. At the same time, it has increased staff numbers 50 per cent.
In its most recent accounts to the year ending September 30 2019, Clubhouse Golf, the UK’s largest independent online golf equipment retailer, reported a 45 per cent increase in turnover from the year before, while profit rose from £4.7 million in 2018 to close to £7.5 million for 2019. Its net assets were reported at almost £8 million.
Announcing the deal, Foresight said that Clubhouse Golf had a strong strategic partner for future growth in all4golf, one of Europe’s leading ecommerce businesses focused on golf. Matthew Pomroy, Senior Investment Managaer at Foresight’s Manchester office said:
“Clubhouse is a fantastic example of a local family business that has delivered outstanding growth. It has been a pleasure working with the management team and we wish them every success for the future with all4golf.”
Foresight Group LLP, which has 35 years’ experience managing investment funds for institutions and retail clients, has £4.7 billion of Assets Under Management across numerous funds. It was named Fund Manager of the Year at last year’s PLC Awards.
Its Private Equity team, which has established itself as one of the UK market’s most active SME investors, has 28 investment professionals working across four investment styles: Venture, Impact, Growth and Replacement Capital, through its growing regional network.
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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