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
An established business in the heart of Staffordshire is up for sale! This renowned domestic appliance and kitchen business has been providing exceptional products and service to its loyal customers for over two decades.
LEASEHOLD
A prominent nursery goods showroom in Keighley is available for purchase, offering a significant presence in a prime location with a well-established customer base.
LEASEHOLD
Opportunity to acquire a flourishing business in Birmingham, specialising in plants, flowers, accessories, sundries, and pet food.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.