Golfing manufacturer Benross to drive European expansion with £2m funding
Golf business Benross is set for growth across the Channel with new seven-figure funding.
The Weybridge-based golfing manufacturer will use a £2m boost from Independent Growth Finance (IGF) to support its expansion strategy in Europe.
The company said it has already made “significant investment” in its product development, sales and marketing, workshop and head office teams.
But additional funding was needed for it to continue growing at speed, as the firm works towards its objective of becoming a European market leader in golfing equipment and accessories.
Jon Everitt, CEO of Benross Golf, said: “As an equipment manufacturer working capital is paramount.
“Ernst & Young helped us look for a working capital funding partner. IGF stood out.”
He continued: “We chose IGF as they offered the best combination of stock levels and invoice discount financing, £2m in total, with consideration of fee rates.
“Previously we only had invoice discounting with Barclays, but at less favourable rates. IGF took their time to understand our business, our challenges and opportunities and importantly our ethos.”
IGF commercial director John Hughes commented: “Benross is one of the UK’s most established sporting brands.
“Their unique commitment to crafting high-quality products at affordable prices has cemented their name in the game and earned them a national following.”
He added: “Our funding will help support significant expansion and replicate their success across Europe. All while continuing to focus on the needs of the British golfing community.”