The Institute Of Competitive Socialising, the owner of Swingers - the crazy golf club, has said its venues are performing strongly and the business is “well placed for growth”. It comes as the group, which earlier this year raised $52m to support expansion through to 2026, reported turnover increased to a record £36,160,072 for the year ending 25 December 2022 compared with £14,357,054 the previous year.
Revenue from UK operations was up to £17,203,242 (2021: £10,230,530) while US revenue rose to £18,956,830 (2021: £4,126,504). Pre-tax losses increased to £7,862,824 from £6,705,190 the year before as the business, which last week revealed it was set for a record-breaking festive period, continued its growth plans. Exceptional items in the form of restructuring costs totalled £128,733 (2021: £128,128).
Co-founder Matt Grech-Smith told Propel: “Company trading is good. Next year is our Dubai franchise and our Vegas flagship launch – both big projects, and further sites are planned for 2025.”
In his report accompanying the accounts, Grech-Smith stated: “In June 2022, the group opened its fourth global venue, in New York City. This site, together with the two London venues and Swingers’ first Washington DC venue, continue to perform strongly. In March 2023, the group opened its second venue in Washington DC. In December 2022, Swingers completed the lease for its flagship Las Vegas venue, opening in the autumn of 2024 at Mandalay Bay Resort and Casino.
“In May 2023, Swingers agreed to open a new location on Bluewaters Island, Dubai, which will be Swingers’ first franchise, in partnership with Daud Investments. It will open in spring 2024. In May 2023, Competitive Socialising completed its Series-C $52m growth capital raise to fund its expansion through to 2026. This investment was part funded by Jampurchaseco, which followed on its Series-B investment of 2018. It was joined in the round by a number of third party institutional investors.
“The board continues to manage the group’s cost base despite significant macroeconomic cost pressures but is well placed for growth over the coming years.”
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Sky Zone / Director of Real Estate - Western Region
5moFun times in Boynton Beach!!