Andy Murray-backed Game4Padel business valued at £10m

by

A BUSINESS backed by Scottish tennis star Andy Murray has been valued at £10 million in a £1.3 million funding spherical, because it pursues growth of a UK-wide community of enjoying services for “one of many world’s fastest-growing participation sports activities”.

Game4Padel introduced completion of its third profitable funding spherical this morning, revealing it had raised the £1.3m to assist finance its growth plans for padel, the tennis-squash hybrid recreation that it notes is “spreading quickly throughout the UK, continental Europe and the remainder of the world”. It famous the most recent equity-raise had valued it at £10m.

The brand new capital will go in the direction of constructing as much as 300 new courts inside the subsequent 5 years. The corporate famous its two earlier fundraising workout routines – on inception in 2019 after which in March 2020 – had each been “closely oversubscribed”, elevating a complete of £1.25m.

It added: “The corporate is deploying capital so shortly, to fulfill the rising demand for padel courts from a variety of UK companions, that it’s already contemplating launching a fourth spherical of fundraising later this summer season to make sure it might preserve tempo with demand.”

READ MORE: Ian McConnell: Don’t be fooled – Rishi Sunak didn’t rescue summer season holidays

When he introduced he was including to his funding portfolio with a stake in Game4Padel in Could 2019, Wimbledon, US Open and Olympic champion Andy Murray stated: “It’s nice for younger folks to play quite a lot of sports activities and Padel is a fast-paced recreation which is superb for growing hand eye co-ordination and racket expertise.”

Final month, Game4Padel signed heads of phrases with Europe’s largest retail vacation spot, Westfield London, to put in and function three lined outside courts and two pop-up present courts. Topic to planning, the three everlasting courts are anticipated to open in January subsequent yr.

In April, because the UK emerged from the most recent lockdown, Game4Padel opened a padel venue in Wales, at Windsor Penarth close to Cardiff.

Game4Padel stated: “The agency can also be in detailed discussions with some 50 different websites – together with main retail locations, enterprise parks, leisure centres in addition to sports activities venues – which it anticipates will add greater than 50 courts to the seven already in use at its 5 present UK venues.”

Jim McMahon, chairman of Game4Padel, stated: “That is an extremely thrilling interval for our firm and for the sport of padel within the UK.”

Mr McMahon,who’s chairman of soccer membership Motherwell and a founding companion of funding enterprise West Coast Capital, added: “It’s not typically a enterprise can say with certainty that it’s in the suitable place on the proper time, however given the huge expertise in our crew, the expansion potential of the game, our investor and capital base and the large demand we’re experiencing, I really feel assured in saying that now.”

READ MORE: Grim UK immigration coverage results can’t be talked away by Tories: Ian McConnell

Game4Padel stated its newest funding spherical had “additional strengthened the agency’s investor base by introducing new backers to an already numerous and skilled group that features firm ambassadors and broadcasters Annabel Croft and Andrew Fort, the previous British primary tennis gamers, and Jonathan Davies, the Welsh rugby legend”.

Entrepreneur Michael Gradon, co-founder and chief government of Game4Padel, stated: “Padel is at a tipping level within the UK, by way of participation and recognition, and we have now an ambition to be a significant a part of that development story over the following few years, utilizing our data and experience to develop the most effective services in the most effective areas for the most effective total person expertise.

“We’ve a excessive diploma of confidence that we are able to deploy all of the fairness raised in premium UK websites inside the subsequent 12 months. Our first 4 venues are already working forward of our monetary projections, regardless of the lockdown restrictions of the final yr, and we just lately opened a trial court docket on the prestigious 4,000-member St George’s Hill Garden Tennis Membership in Surrey, which we hope will show the case for 3 everlasting courts to be constructed there.”

Leave a Comment