Play Padel, backed by Cricket star Joe Root, has seen phenomenal success with its first location at Abbeydale Tennis Club in Sheffield. When a site adjacent to the Meadowhall Shopping Centre in the City became available, the company seized the opportunity for a second site.
With planning permission granted for the second club, a loan to fund the fit-out of the premises and provide additional working capital was sought – enter Castle Square Corporate Finance.
The new club will have double the capacity of the current site and create around 12 new jobs when it opens later this year. And the company is not planning to stop at two clubs. Other sites around the North are being explored for future expansion.
Castle Square supported the shareholders, securing them a loan from NPIF II – Mercia Debt Finance and the South Yorkshire Debt Fund managed by FW Capital.
Alex Fleming, Founder and CEO of Play Padel said “Working with Castle Square has been superb. Brad has been incredible at helping us navigate the raise, and having someone in our corner who knows the process inside out has made all the difference.”
Brad Green, Partner at Castle Square told us: “This was a genuine team effort and a real pleasure to work on. Alex and the management team have built an exciting, highly inclusive business that is bringing different generations together through sport.
Ian and Andy at Mercia, together with Paul and Joe at FW Capital, were excellent throughout the process, and their support will provide Play Padel with a strong platform for its next phase of growth.”
Paul Wainwright, fund manager at FW Capital, said: “This is an exciting time for the team at Play Padel as they expand their presence at a prime location near Meadowhall. Padel is experiencing a real boom in the UK right now. In order to sustain that momentum, the sport needs infrastructure that matches the enthusiasm of its players. The funding we have provided is doing just that, positioning Play Padel as a key player in the market and investing in the health of our local community.”
Ian Whitworth of Mercia Business Loans, added: “Padel has become the fastest growing sport because it is simple, sociable and fun. Play Padel’s first site at Abbeydale has quickly taken off. This funding package, which brings together two Yorkshire debt funds, will enable it to start expanding to other sites and create a welcome new facility in the Meadowhall area which is currently underserved in terms of sports provision.”
