A start-up padel operator has secured a six-figure investment to enable it to open a series of community-focused centres, initially across the North West.
Established by former retail and healthcare executive Mark Hewlett, Soul Padel will use the funding to acquire suitable sites.
The business had more than a dozen potential investors when it opened the first round of funding, with Hewlett revealing that it opted to secure all the finance from one high-net worth individual.
He said: “When we opened the first round of funding we had interest immediately and decided to secure funding from one individual, who was extremely keen to back our business and is very aligned to our vision and values.
“To secure funding this quickly is pretty humbling but also confirms we are bringing something special and unique to the UK padel sector. Our plans now are to look at a second funding round which will enable us to continue to deliver on our vision to welcome everyone to the court.”
The business officially launched in December last year and recently made a number of board appointments and partnerships.
It currently has more than 20 sites under review and offers in on seven locations across the North West.
Hewlett added: “Now is the right time for investors to be putting money into padel. The sport is at a nascent stage in its growth in the UK and is recognised as the fastest growing sport in the world.
“Padel offers a diversified investment opportunity into the rapidly expanding ‘competitive socialising’ sector. Securing funding in just a few weeks, signals to the market that we are serious about the growth of the business and savvy investors see the potential returns.”
