Padel Club secures £1.5m in first NPIF II deal for Cheshire
The first deal in Cheshire by NPIF II (Northern Powerhouse Investment Fund II) has been sealed, worth £1.5m.
It follows the launch of the £660m support scheme in March this year, following on from the NPIF I round.
The Padel Club, founded in 2020 by Kris Ball, is the first Cheshire recipient. It aims to bring the popular padel racket game to locations across the UK after initially launching in Wilmslow.
In total, The Padel Club has now raised £3.8m in its latest funding round from NPIF II-Praetura Equity Finance, which is managed by Manchester-based Praetura.
Existing investor, Endeavour Ventures, has provided additional EIS investment as part of the latest funding round.
The deal also marks both the first equity deal in the North West, and Praetura’s first deal completed through the Fund.
The Padel Club will use the cash to supercharge its growth plans by capitalising on the strong pipeline of sites it has built and plans to open.
The club currently operates four courts and recently announced plans to open a new site in TraffordCity, which will host 11 high specification courts, alongside a clubhouse for players to relax and socialise.
The investment from NPIF II-Praetura Equity Finance will help facilitate its latest site expansions, with the finance provided being used to build 42 new courts by 2025.
Charlotte Kopciowski, head of finance at The Padel Club, said: “We are a North West-based start-up which has developed a real community at our club in Wilmslow.
“NPIF II is designed to increase the supply and diversity of early stage finance and we feel that we fit very well into this as an ambitious young company looking to grow and bring Padel to more communities. We are very excited to be partnering with Praetura and the expertise that they can add to our already strong board and management team.”
She added: “This investment will help us supercharge our growth. It will enable us to capitalise on the strong pipeline of sites that we have built and speed up our site opening plan of new clubs.”
Louise Chapman, fund principal at Praetura, said: “This is one of the largest external fundraises by a padel operator in the UK to date, which reflects the strength of the team and the premium offering they’ve brought to the sector.”
Simon Cunnington, Director at British Business Bank, said: “Padel is one of the fastest growing sports in Europe and it’s fantastic to see the Fund support its expansion into the UK.
“Kris has translated a passion for the sport into a business that is helping people become more active in an inclusive environment. This is an exciting first deal in the Cheshire and Warrington region and shows how NPIF II can support founders across the North achieve their growth ambitions.”
The £660m Fund II covers the entire North of England and provides loans from £25,000 to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
