Direct Golf UK has secured a £3.5 million funding package from the Royal Bank of Scotland to help further grow the business in 2013.
Established in 1991, Direct Golf UK has grown from one store in Huddersfield to 21 stores across the UK, employing over 300 staff including 50 PGA professionals.
Under the ownership of British Class AA PGA Professional John Andrew, Direct Golf UK has posted year on year sales growth for three consecutive years, despite last summer being recorded as the wettest summer for 100 years.
“Our aggressive retail openings in the last few years were funded purely from our own cash flow. A poor summer in 2012 increased this pressure on our cash flow, which meant I had to personally inject over £500k into the business.” Said Andrew.
“As a result, we sought funding to allow us some room to breathe and this funding package with RBS allows us to focus on the future of our business, to pay our suppliers and take our settlement discounts, which add up to a considerable amount over a period of 12 months.”
Bumper online and in-store Christmas sales has lead Direct Golf UK to make a positive start to 2013, and with the new funding package, the company hopes to record a fourth consecutive growth figure.
Craig Bebbington, Relationship Director, RBS Corporate and Institutional Banking said, “Direct Golf has a 22 year history and is now one of the largest specialist golf retailers in UK and Europe, with a presence that continues to grow across the country.
“The firm is led by a dedicated and golf enthusiastic management team, including many PGA professionals, with a thorough understanding of the market.
“We are delighted to be able to support the expansion of this sector-leading UK company and are confident that going forward our team will work hard to help the company continue to realize its ambitions.”