Benross, the golfing equipment provider has raised £2m through Independent Growth Finance (IGF).

The company plans to use the funding for European growth. At end 2017 with it reported 45% revenue growth and says that has continued into 2018, fuelled the management’s ambition to build on its European presence and seize and cement the company’s position as the largest independently owned golf manufacturer in Europe. It adds that significant investment has already been made in new product development, sales and marketing, workshop and head office staff but that more funding was needed to continue to grow at speed and work towards the objective of European market leadership.

Benross offers a ‘Speedfit’ service, a tailored concept to improve the individual’s game through a customised range of woods and irons with every build revolving around the player and their game irrespective of level. The process involves measurement of the player’s swing speed, club-face impact, club/ground interaction, hand span, height, and hand-to-floor measurement for a perfectly specified club.

Benross also has exclusive distribution rights for the UK and Ireland of Bridgestone balls and accessories. This has proved to be a significant pillar for the business, resulting in increased market footprint for both brands in Europe.

Jon Everitt, chief executive officer of Benross said Ernst & Young helped the company looking for a capital funding partner: “As an equipment manufacturer working capital is paramount. 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 the time to understand our business, our challenges and opportunities and importantly our ethos.

“IGF has given us a flexible combination of inventory and receivables financing. It has provided a sound financial base from which we will focus our European growth ambitions. Our focus remains on delivering outstanding quality service and equipment.”

Benross also has exclusive distribution rights for the UK and Ireland of Bridgestone balls and accessories. This has proved to be a significant pillar for the business, resulting in increased market footprint for both brands in Europe.