American Golf acquired by private equity firm
today Oct 15, 2018
More than 900 jobs and over 100 stores have been saved after Endless, a private equity firm that has previously invested in fashion and retail firms, acquired Warrington-based American Golf out of administration.
The largest golf retailer in Europe had appointed Deloitte to find a buyer earlier this month, and Mike Ashley’s Sports Direct and JD Sports were understood to be among a number of bidders.
However, the chain was acquired by Endless immediately after being placed into administration on Friday in a deal that was worth around £10 million, according to Sky News.
The transaction will save 112 of the chain’s 132 stores in the UK and Ireland, but locations in Surrey, Livingston, Crewe, Hertfordshire, Wrexham, Southampton, Middlesex, Essex, Nottingham, Hull, East Dunbartonshire, Worcester, London, Glasgow, Bristol, Belfast and Guernsey are earmarked for closure.
"American Golf holds a unique position as the UK's golf market leader and has been providing specialist expertise to its loyal customer base for more than 45 years. We believe this is a business with fantastic potential and we're delighted to be able to protect the employment of more than 900 employees as a result of this acquisition,” said Endless partner Tom Jack, who will join the American Golf board together with Richard Harrison.
Daniel Smith, partner at Deloitte, added: "I am delighted that the sale of the business which we have completed today has safeguarded more than 900 jobs. We appreciate the support of management and all employees in achieving this aim and wish them well for the future."
American Golf, which sells big-name brands such as Under Armour, Adidas, Nike, Calvin Klein and Callaway, will join the Endless portfolio of brands which also includes jeweller Theo Fennell and luggage business Antler.
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