Europe’s largest golf retailer, American Golf, has been acquired by special situations investor, Endless for an estimated £10m in a pre-pack administration.
American Golf was founded in 1970 and has a turnover of around £140m. They were previously owned by Sun European Partners who first backed the company in 2012. The deal will see new owners, Endless, take on 112 of the 132 retail stores across the UK and Ireland, along with online channels Americangolf.co.uk and Onlinegolf.co.uk.
As part of the pre-pack, around 900 jobs have been secured in the pre-pack, but around 100 jobs will be lost at the store that will no longer remain open.
Many retailers are struggling due to the growth in online shopping trends along with higher business rates, both of which are having an impact on physical stores and their ability to survive.