American Golf Secure £20m Debt Refinancing Package
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Europe’s biggest golf superstore, American Golf, has secured a £20m debt refinancing package from the Royal Bank of Scotland Corporate.
It is thought that the new package will free up the cash needed to 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.
The brand commenced trading in the late 1970s and has since grown to employ over 700 staff. Alongside their website, American Golf operates 92 branches across the UK and the Republic of Ireland which, before interest, taxes, depreciation and amortisation in 2011/12, earned £8.8m and a turnover of £108m.
Chief Executive Kevin Styles 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.”
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.”
