In 1997 Benross’s CEO Jon Everitt set out with a singular vision – to launch a sports brand that would produce top quality golfing equipment, without the prohibitive price tag.
Twenty-one years later, the golf brand has grown to become the largest golfing manufacturer in the UK. Now it is poised for European growth with a £2m boost to working capital funds from Independent Growth Finance, IGF.
Benross has spent two decades establishing itself in the European market and gathering a loyal following. The brand closed 2017 with 45% revenue growth that has continued into 2018.
This has fuelled the management’s ambition to seize and cement the company’s position as the largest independently owned golf manufacturer in Europe. Significant investment has already been made in new product development, sales and marketing, workshop and head office talent. But more funding was needed to continue to grow at speed and work towards the objective of European market leadership.
Benross has built a reputation for delivering pro-quality bespoke golfing equipment. It uses only the very best components and the most intelligent engineering techniques. From inception, the company was set up as a challenger brand. Strategically positioned in the market to give the golfing public access to outstanding golf equipment at a competitive price.
This approach has drawn admiration from retailers and competitors alike. As the market becomes ever more divided with the penetration of super premium priced products, Benross will continue to stay true to delivering for the everyday golfer.
Its Speedfit service is a tailored concept to improve your game through a completely customised range of woods and irons. Every build revolves around the player and their game, no matter their level.
Jon Everitt explained: “Everyone plays differently, so we created Speedfit. We measure your swing speed, club-face impact, club/ground interaction, hand span, height, and hand-to-floor measurement. This results in a perfectly specified club, built for you and your game. For us, personalised service is everything.
“As an equipment manufacturer working capital is paramount,” Jon Everitt continues. “Ernst & Young helped us look for a working capital funding partner. IGF stood out. 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.”
John Hughes, commercial director ABL, IGF, comments, “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. 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.”