Golf retailer acquired in pre-pack deal
Fri, 01 Sep 2023 | BUSINESS SALE
A Nottinghamshire-based golf supplies retailer has been acquired out of administration in a pre-pack deal. GolfSupport entered administration earlier this month and was sold to Gloucestershire-based Austen Group on the same day.
GolfSupport, which was founded in 2005 at Derbyshire’s Buxton and High Peak Golf Club, had styled itself as a one-stop shop for golfing supplies and operated from a flagship showroom and 70,000 sq ft warehouse in Mansfield.
However, earlier this month, the company posted a notice of intention to appoint administrators through the law firm Charles Russell Speechlys. According to documents seen by TheBusinessDesk.com, the company had accrued losses in excess of £1 million since March 2022.
As a result, the company appointed Henry Nicholas Page and Edward James Ellis of Mercer & Hole as joint administrators, with a sale of the firm to Austen Group in a pre-pack deal valued at £380,000 completed upon their appointment.
In GolfSupport’s latest available accounts at Companies House, for the year ending February 28 2022, its fixed assets were valued at slightly over £5,000 and current assets at around £1.9 million. At the time, the firm owed close to £1.2 million to creditors, leaving it with net assets of slightly under £773,000.
Read about the impact of 2021 reforms to pre-pack acquisition regulations
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