Sport, parks and leisure - Soul Padel to get seed investment status – takes on Ben Davies as non-exec...
20 Apr 2024 Sport, parks, & leisure: daily news and jobs
 
 
HOME
JOBS
NEWS
FEATURES
PRODUCTS
FREE DIGITAL SUBSCRIPTION
PRINT SUBSCRIPTION
ADVERTISE
CONTACT US
Sign up for FREE ezine
Latest news

20 Feb 2024

Soul Padel to get seed investment status – takes on Ben Davies as non-exec
BY Liz Terry

Padel tennnis – played outdoors and indoors – is one of the fastest-growing sports in the world

Padel tennnis – played outdoors and indoors – is one of the fastest-growing sports in the world
photo: Shutterstock/Damiano Buffo

Mark Hewlett, founder of padel tennis operator Soul Padel has told HCM the company is in the process of securing seed investment status, which will enable backers to get tax breaks on investments in the business to drive growth.

The status is coming via the UK government HMRC seed enterprise investment scheme (SEIS), with Soul Padel being supported in its application by Sam Simpson at Founder Catalyst.

Under SEIS rules, investors receive initial tax relief of 50 per cent on their investments up to £100,000 (or £200,000 for shares issued on or after 6 April 2023) and Capital Gains Tax exemption for any gains on SEIS shares held for at least three years.

The company has also signed Ben Davies, founder of hedge fund Hinde Capital and a former GB hockey player, as a non-exec to support business investment and growth.

Soul Padel is aiming to open a number of indoor facilities – including a centre of excellence for padel – to meet growing demand.

The company is also planning to create community hubs for padel at locations across the north-west of England.

Hewlett, who founded Soul Padel in December 2023, is looking to partner with health and fitness and sports facility owners with land or buildings that can be developed for padel in joint ventures, as well as developing facilities independently.

Padel tennis and its close relative, pickleball, have been adopted at scale by health and fitness operators in the US, including Life Time, which has already installed 600 pickleball courts across its network, while in the UK, David Lloyd got into padel in 2013 and has continued to invest in the sport, ramping up its plans in recent months, although it has reportedly encountered issues developing padel courts without planning permission.

A 2023 the Global Padel Report,
produced by Deloitte and Playtomic, identified the padel industry as likely to be worth €2bn by 2026. It also said the number of courts is expected to double from 40,000 to 85,000 in the same period globally.

“The UK is an early-stage market for padel and in 2023 the sport saw a doubling of courts to around 400 across the country in the space of 12 months,” said Hewlett. “In the UK, padel has in excess of 90,000 players and is also backed and regulated by the Lawn Tennis Association.”

Soul Padel recently announced a partnership with Spanish padel court manufacturer and installer, Padel 1969.

Hewlett said: “Now is the right time for investors to be putting money into padel, which is recognised as one of the fastest growing sports in the world.

“Padel offers a diversified investment opportunity into the rapidly expanding ‘competitive socialising’ sector and securing SEIS status signals to the market that we’re serious about the growth of the business,” he said.

ABOUT SEIS
Data from HMRC, published in May 2023, showed that 2,270 companies raised a total of £205 million via the SEIS scheme in the tax year 2021-2022, the highest amount since the launch of the scheme. Most (69 per cent in that tax year) received investments of over £50,000

In the tax year 2021-2022, around 45 per cent of companies raised amounts over £100,000, compared to 39 per cent in tax year 2020-2021. Businesses in recreation, arts and entertainment accounted for around five per cent of funds invested.

Regionally, companies registered in London and the south-east accounted for the largest proportion of investment, raising £137 million (67 per cent of SEIS investment) in 2021-2022. Businesses from the north-west accounted for less than 10 per cent.



Connect with
Sport Parks Leisure
Magazine:
View issue contents
Sign up:
Instant Alerts/zines

Print edition
 

News headlines
US named world’s largest wellness economy, reaching US$1.8 trillion valuation
US named world’s largest wellness economy, reaching US$1.8 trillion valuation   18 Apr 2024

The Global Wellness Institute (GWI) has released new data on the US’ wellness economy, valuing it at US$1.8 trillion. According to the .... more>>
Andy King launches The Conveners podcast to champion the pivot to wellbeing
Andy King launches The Conveners podcast to champion the pivot to wellbeing   18 Apr 2024

The fitness sector’s pivot to active wellbeing is being discussed in a new weekly podcast, called The Conveners, and hosted by chair of GM Active and .... more>>
Everyone Active launches Everyone Golf – plans to link health and fitness and sport portfolios
Everyone Active launches Everyone Golf – plans to link health and fitness and sport portfolios   17 Apr 2024

Everyone Active has launched a golfing brand, Everyone Golf, after new contract wins made it the UK’s second-largest golf operator in the UK, with ten .... more>>
UK Active Awards for excellence open for nominations
UK Active Awards for excellence open for nominations   16 Apr 2024

UK Active has announced details of its annual health and fitness industry awards ceremony, which will take place in Birmingham on the evening of .... more>>
Hospitality veteran Belinda Steward takes the helm at Places Leisure
Hospitality veteran Belinda Steward takes the helm at Places Leisure   16 Apr 2024

Social enterprise, Places Leisure, which is part of the Places for People Group, has appointed Belinda Steward as MD. Steward was previously MD at .... more>>
Company profile


Life Fitness

The Life Fitness family of brands offers an unrivalled product portfolio, providing customers with access to tailored solutions they need to target every segment of the fitness market.

View full profile>>

Catalogue gallery


Featured Supplier

Webinar: Building a new energy future for the leisure sector

Webinar: Building a new energy future for the leisure sector

As one of the most energy-intensive industries in the UK, leisure facilities face a critical challenge in balancing net zero goals, funding and increased costs. More>>




in this issue

• Virgin gets right to wipe out rent arrears
• Fitness industry mourns passing of Jan Spaticchia
• STA offers mindfulness resources



Latest jobs

Jobs Search



Team Leader (Harrow School Fitness Club)
Salary: £13.71 per hour
Location: Harrow on the Hill, Harrow, UK
Company: Harrow School
Centre Manager (Leisure)
Salary: £40,221 - £42,403pa + pension + benefits
Location: Exeter, UK
Company: Exeter City Council
Director of Operations
Salary: £61,000 - £64,000 + exceptional pension + excellent benefits
Location: Luton, UK
Company: Active Luton
Diary dates
Powered by leisurediary.com

21-21 Apr 2024

Below the Belt Melbourne Pedalthon

Sandown Racecourse , Springvale , Australia







Published by Leisure Media Tel: +44 (0)1462 431385 | Contact us | About us | © Cybertrek Ltd