Specialist golf retailer American Golf has got back on track following a restructure and refinancing of the business.
American Golf has posted pre-tax profit of £2.27m for the 52 weeks to January 24, 2016, up from the loss of £1.13m the year before. Sales more than doubled from £45.8m to £98.2m during the 12 months.
The company said it had got back on track by turning around the business through a restructure and refinancing with bankers and shareholders, reducing its debt structure from £61m to £23m in March 2015. The restructure led to exceptional costs of £644,000.
During the period American Golf opened three stores in Bristol, Greenwich and High Legh, near Knutsford. It said all three locations are trading well.
In a statement on Companies House, the retailer said: “During the period American Golf focused on improving its quality of advice and customer service and reduced discounting. This resulted in an EBITDA, before exceptional items, of £5.7m.”