As £3m raised...
Partners approach Murray-backed Game4Padel
Game4Padel, a company promoting the fast-growing tennis/squash hybrid game and backed by Sir Andy Murray, has received approaches from potential partners to expand overseas.
The approaches from “credible organisations’ come as the Edinburgh-based company raises £3 million in its fourth and largest fundraising round in less than three years.
The mix of debt and equity capital has been provided by retail and institutional investors and almost doubles its enterprise value to £18 million.
Chairman Jim McMahon said the company will take a “measured view” of potential partners to expand playing facilities in other countries. In the meantime it is focused on expanding its 18 existing courts and secured venues to 300 across the UK over five years.
Mr McMahon said: “One of the key tests for scale-up companies at this stage is judging the right moment to increase spending.
“We have been very prudent so far, to control cash burn, but have stepped up our expenditure in the last few months – primarily on marketing and staff – and are already seeing the benefits of investing in both.”
He added: “We have had a number of interesting approaches from potential partners keen to collaborate in multiple countries in Europe and further afield.
“As encouraging as it is to be gaining recognition abroad, we will take a measured view over time depending on market potential, existing competition, and the strength of those potential partners in the relevant locations. For now, we remain focused on the UK market, where there is more than enough work in the pipeline to keep us busy.”
The company has made three recent hires, as well as reorganising an executive team led by CEO Michael Gradon, a former FTSE 100 director with P&O Group and a longstanding commercial and finance chairman of the Wimbledon Championships.