Puttshack has provided financial results for the year ended 31 December 2022, with turnover of £55.4m, up from £21.2m in 2021.
According to its latest accounts on Companies House, the increase in revenue was attributed to openings in the US and UK, including three new US venues in Boston, Miami, and St Louis, reflecting a new global strategy that developed during 2021.
The experiential mini golf specialist has since opened four US venues in Houston, Denver, Pittsburgh, and Scottsdale, all in Q2 2023.
It further reported an increase in loss before tax to -£12.4m in 2022 – compared to £9.4m in 2021 – driven by site pre-opening expense and infrastructure costs to support growth plans in the US.
Puttshack continues to be at a “fast-moving” phase in its expansion plans, with growth maintained through 2022 and 2023.
Due to US expansion, “UK-specific economic impacts are mitigated, and group trading remained robust,” according to the update.
“The cost of living crisis is currently impacting the UK and is being felt throughout the UK hospitality market. This it mitigated to a large extent with openings in the US, spreading the business’ economic risks and geographically diversifying where Puttshack has placed itself in the market.”
During 2021, the group restructured its venue rollout strategy in conjunction with converting 99% of the business’s previous convertible loan note (CLN) raise to preferred equity. The conversion of debt to equity allowed directors to target a specific growth facility in the form of debt funding during 2022, according to the accounts.
Prior to the successful closing of a $150m debt facility, with funds managed by BlackRock, the balancing 1% of the previous CLN converted in Q4 2022.
The business drew $30m from the facility in October 2022 and an additional $60m during Q1 and Q2 2023.
