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Tue 12th Apr 2022 - Swingers aims for £550m valuation and growth to 17 sites within three years
Swingers aims for £550m valuation and growth to 17 sites within three years: Swingers, the crazy golf brand owned by London-based Institute of Competitive Socialising, has outlined its expansion plans for the next three years as it forecast global revenue of £35m for 2022. Swingers plans to open three locations in 2023, including its second venue in Washington DC. Swingers Navy Yard, a 24,000 square foot location, will open in February 2023. The business, founded by in 2014 by Jeremy Simmonds and Matt Grech-Smith, plans five locations in 2024 and 2025, taking the company to 17 sites by the end of 2025. Revenue at the end of 2025 is expected to exceed £170m and the business is expected to be valued in excess of £550m. It comes as Swingers revealed its latest site – Swingers NoMad in New York City – will officially open on Friday, 17 June. The opening follows the “unprecedented success” of Swingers’ June 2021 US debut in Washington DC. Swingers said the original London sites – West End and City – continue to thrive with Swingers West End set to unveil a large extension this May. Located in the heart of Manhattan, beneath the soon to open Virgin Hotel at 29th and Broadway, Swingers NoMad will span 23,000 square feet. The £9.5m fit-out includes three nine-hole crazy-golf courses, four gourmet street food brands, six cocktail bars and a host of private rooms for hire. An opulent clubhouse is the centrepiece of the venue. At Swingers NoMad, the food vendors will be Sauce Pizzeria, Miznon, Fonda, and Mah Ze Dahr Bakery. In tandem with its growth across the pond, Institute of Competitive Socialising revealed Swingers West End has undergone an 8,000 square foot extension, to be revealed on Friday, 20 May. The £2.5m fit-out will include a new course, The Meteorite Course, a bar, a street food showcase from Patty & Bun and its fried chicken brand, Jeffries, plus a 2,500 square foot all-weather roof terrace. Grech-Smith said: “Following the success of our first US location in DC, we’re excited to bring Swingers to New York City, a city known for its prominent hospitality industry and eclectic nightlife. Beyond that, we’ve been incredibly busy behind the scenes over the last few years and we are happy to be able to talk about some of our expansion plans as we react to burgeoning demand and grow our business in the US. and the UK.” In November 2018, Cain International, the private investment firm, invested $38m into Institute of Competitive Socialising, followed by a further $20m in March 2021. Institute of Competitive Socialising features in Propel’s Turnover & Profits Blue Book, which is updated monthly for Premium subscribers and now features 546 companies. Institute of Competitive Socialising has turned over an average of £11m in the past four years. The Blue Book, which is produced in association with Mapal Group, provides a five-year overview of turnover and profit, ranks companies according to turnover, pre-tax profit and profit conversion. The Blue Book also provides details of directors’ earnings and highest paid directors. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to sign up


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