Swingers is to focus its growth on the US, although expansion in the UK has not been ruled out.
The experiential crazy golf business is aiming to open 12 more venues by 2025 – mostly likely in the US, which should result in a business worth north of £500 million with annual sales of close to £200 million, co-founders Matt Grech-Smith and Jeremy Simmonds said in an interview with The Times.
Founded in Shoreditch in 2014, Swingers currently has two permanent London venues, in the City and the West End, which are expected to achieve £18m in revenue this year – down slightly on the £22m that was forecast earlier this year.
Its American sites in Washington DC and New York should produce combined sales of $24m, bringing total projected turnover to about £36m.
Commenting on the pair’s decision to focus growth on the US, they said potential investors were split over the strategy. “It was interesting trying to explain why a two-site, UK business also had a signed lease in New York,” Simmonds said.
The size of the market in the US is the key factor for its focus there. The business looks to open in larger cities with a decent number of corporate residents, with the US offering around 20 cities that can all sustain a similar level of spend per head.
“That’s quite unique. The disparity in spend per head in UK cities is enormous,” Simmons said.
The business is due to open its second venue in Washington DC in February 2023.
