American Golf nevertheless remained in the red, although its pre-tax loss narrowed to £3.6m from £5m.
The results shed new light on the financial position of the company before it was acquired from private equity firm Endless by an investment group led by Mr Jones earlier this year. Mr Jones, best known for his long-running role as one of the investors on the BBC’s Dragons’ Den, took control of the business in February in what he described as an “especially meaningful” takeover deal.
American Golf chief executive Nigel Oddy, who led the company through the period covered by the accounts and its subsequent sale, resigned in August after two-and-a-half years in the role.
American Golf had 80 stores at the end of the reporting period and retains a significant presence in Scotland. Its current store network includes nine Scottish outlets in Aberdeen, Clydebank, Dundee, East Kilbride, Edinburgh, Falkirk, Glenrothes and Livingston, with two locations in Edinburgh.
The latest accounts suggest the new owners took over as trading momentum was strengthening, led particularly by the performance of American Golf’s physical stores. Overall like-for-like sales increased by 5.2%, but the increase across its stores was stronger at 8.4%.
Online trading presented a contrasting picture with the company’s digital performance disrupted by the overhaul of its website early in the year. Online sales subsequently recovered, with revenue through the channel rising by 18.1% in the second half.
The stronger trading performance helped American Golf move back into a pre-exceptional operating profit of £439,000, compared with a £451,000 loss the year before. However, that improvement did not translate into a statutory profit. The group posted an operating loss of £1.6m against £2.8m previously, while its pre-tax deficit narrowed from £4.96m to £3.64m.
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The new owners said they remain confident that the company is well-placed to take advantage of long-term trends despite rising costs and consumer uncertainty.
“The outlook for golf participation remains positive,” directors said in their report. “The recovery in rounds played during 2025, together with growth in club membership and junior participation, demonstrates the continued strength and relevance of the sport in the UK.
“The market has also benefited from golf’s broader cultural appeal, including increased engagement from younger players, women and juniors, and from the continued growth of more accessible entry points into the sport.”
The accounts also disclose how the company’s financing changed following the takeover.
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Some £22.1m owed to Endless was settled, with previous funding replaced by a £9.5m intercompany loan from the new ownership structure. Financial support has also been promised if required.
American Golf opened two stores and closed six during the reporting period. The closures were at Chigwell, Dundrum, Greenwich, Hendon, Rustington and Trent Park.
Established in 1970, American Golf sells clubs, equipment, footwear and clothing alongside custom-fitting services. Prior to Endless taking control, the business had been owned by Sun European Partners since 2012.
Endless, a specialist in company turnarounds, acquired American Golf in October 2018 after the retailer entered administration. Endless took over 112 of its 132 stores, while the remaining 20 were closed, followed by investment in the physical and ecommerce operations and the acquisition of brands including Stromberg, Benross and Golfino.