Karting venue speeds ahead after acquisition by European player
LEEDS karting venue Pole Position Indoor Karting has been sold to TeamSport, Europe’s largest indoor karting operator.
For an undisclosed sum,Yorkshire Karting Ltd and Rockbanks Ltd, trading as PPIK, were disposed of with the help of Armstrong Watson.
The firm’s new owners will make major investments in the firm, which will undergo a rebrand and kart expansion.
The transaction completed on 7 July 2015 with Chris Wright, corporate finance manager at Armstrong Watson assisted by Robert Wilkinson, corporate finance executive in Leeds, providing lead advisory services.
Legal advice was provided by Rachel Dean, senior associate in the corporate team at Leeds law firm Clarion, assisted by associate Rachael Stockley, advising Yorkshire Karting Ltd and Rockbanks Ltd.
Dom Gaynor, managing director of TeamSport, said: “The Leeds track is an exciting new venture for us that will offer an authentic racing experience for residents not only in Leeds, but its surrounding areas such as York, Hull and Doncaster too.
“Although PPIK has been operating in Leeds for over ten years – we intend to build on its strong reputation by introducing precise electronic timing systems, smart new racing suits and helmets to help encourage more people to take up motorsport.”
Chris Wright added: “The strength of the brand was a clear driver for the acquisition and it is a credit to the vendors to have achieved such status in the karting arena. It is always particularly satisfying to achieve a successful sale, at the right time, for a long standing client, as it feels like you have completed the journey through the business lifecycle as their adviser throughout.”
Rachel Dean of Clarion said: “We’re pleased to see the successful completion of this deal which has resulted in one of the region’s best known indoor karting venues joining a fast-growing national karting specialist. We wish the business well for the future.”
As part of the deal, Amy Silverwood, associate in Clarion’s property team, renegotiated with the landlord resulting in the existing lease being surrendered and a new lease being issued. Harrison Clark Rickerbys in Cheltenham represented the purchaser; and Norton Connor represented the landlord.
PPIK was first launched by Lyndon Robinson and Donald Midgley.