American Golf has been rescued from administration by private equity investor Endless, saving 112 stores and nearly 1000 jobs.
Earlier this month Europe’s largest specialist golfing retailer flew in Deloitte to seek out buyers for a rapid sale as it scrambled for investment in order to continue trading.
After officially entering administration on Friday, American Golf was immediately bought by Endless, who also rescued Jones Bootmaker from administration last March before selling it on to Pavers less than a year later.
It is understood that 112 of the company’s 132 stores will now continued to trade, protecting 900 of the retailer’s 1000-strong workforce from redundancy.
“American Golf holds a unique position as the UK’s golf market leader and has been providing specialist expertise to its loyal customer base for over 45 years,” Endless partner Tom Jack said.
“We believe this is a business with fantastic potential and we’re delighted to be able to protect the employment of over 900 employees as a result of this acquisition.”
It is understood that the new management will honour valid gift cards and outstanding customers orders.
Earlier this month when the retailer began to sound out potential buyers many speculated that Sports Direct’s Mike Ashley, who has gained a reputation for buying up embattled retailers, could obtain the company.
American Golf’s previous owner Sun European Partners, which bought the company in 2012, took the business through a restructure in 2015 in order to restore the confidence of its suppliers and insurers.