A Lincoln-based golf simulator company, Virtually Golf, has secured £50k to further grow the business whilst creating two new positions.
Virtually Golf secured finance from First Enterprise – Enterprise Loans through British Business Bank’s Midlands Engine Investment Fund (MEIF) backed by the Recovery Loan Scheme. The funding will be used for equipment and improving the dining experience.
Although the UK has seen a rise in golf participation, golf clubs have been closing for various reasons, including a fall in club memberships. Virtually Golf identified this gap in the market and offers a realistic golf experience using simulators for both professional and amateur golfers. It offers several options for larger groups like friends or families who want to enjoy the experience together.
Using Virtually Golf’s unique simulator concept, the company provides an educational space for golfers to develop their skills and for non-golfers to be introduced to the game to create new and unique experiences with friends and family.
Stephen Clark, Founder & Managing Director, Virtually Golf, said: “It was fantastic to open and invite Lincoln’s residents to VG (Virtually Golf) to discuss and showcase this new concept with above ‘PAR’ experiences for golfers and non-golfers.
“We needed to adapt the business model and the loan has enabled us to focus on what we initially envisioned to create an elevated dining experience around the technologically advanced golfing services we offer. To bring in summer trade for friends and family through food, drink and fun!
“I personally want to thank First Enterprise for the service and help during the process. We even look forward to hosting an event together on the 24th of November.”
Matthew Wright, Investment Manager at First Enterprise – Enterprise Loans, commented: “Stephen and Christina were fantastic to work with and have pinpointed a great gap in the market whilst coming up with an innovative solution for it. First Enterprise and I fully support this type of resourceful entrepreneurship.”
Lewis Stringer, Senior Manager at British Business Bank, Commented: “The MEIF supports small businesses, such as Virtually Golf, with innovative concepts to realise their growth potential. MEIF funding continues to support businesses in Lincolnshire and across the Midlands to expand through the creation of new jobs, contributing to the growth of the region’s overall economy.”
Pat Doody, Chair of the Greater Lincolnshire Local Enterprise Partnership, said: “Virtually Golf is an excellent example of a disruptive start-up which has harnessed the power of new technology to solve a contemporary problem.
“Greater Lincolnshire is developing a reputation for high-tech innovation in sectors from sport to agriculture and from manufacturing to defence.
“It’s also home to some of the best golf courses in the UK, most notably at Woodhall Spa which is home to the English Golf Union and the National Golf Centre.
“I’ve no doubt that this new financial injection will help Virtually Golf to cement its place alongside some of these longer established golfing institutions.”
