Memery Crystal Advises Golfbreaks.com on development and issue of its ‘Golfbreaks Bond’ offer

The two Bonds include:

• ‘The Cash Bond’, which offers interest of 7.5% (gross) per annum payable in cash.
• ‘The Breakpoints Bond’, which offers interest of 10% (gross) per annum payable in points in the company’s Breakpoints customer rewards programme, which can be redeemed against golf holidays, tee times and/or spa breaks via Golfbreaks.com, Teeofftimes.co.uk and BookaSpa.com respectively.

Applicants can apply for both Bonds in multiples of £1,000 subject to a minimum amount of £2,000 and a maximum of £100,000.  The closing date for applications is 30th June 2014.

Golfbreaks.com was formed in 1998 by Chief Executive Andrew Stanley with the objective of saving golfers time and money when organising their golf travel. Today, Golfbreaks.com is a thriving company employing over 140 staff who serviced over 500,000 customers in 2013 with a turnover of £34 million. In addition to Golfbreaks.com, the company’s brands include Teeofftimes.co.uk (the UK’s largest tee-time booking service); Golfshake.com (the UK’s largest open online golf community); and BookaSpa.com (which offers spa days and spa breaks at over 250 venues within the UK).

Proceeds from the Golfbreaks Bond offer will help Golfbreaks.com to build its presence in the American market, make investments in new technologies and IT infrastructure, and expand its Teeofftimes.co.uk brand.

The Memery Crystal team was led by corporate partner David Walker and included corporate colleagues Victoria Miller, Nick West and Matthew Pawlak.

Led by David Walker, Memery Crystal previously advised a number of other UK companies on the issue of retail corporate bonds, including the The King of Shaves, Hotel Chocolat, Ecotricity, Caxton FX, The Jockey Club, Firerock Energy and SmartWater Technology.

David Walker commented: “We are delighted to have assisted Golfbreaks.com with the development and issue of its Golfbreaks Bond offer, which will be an important tool in financing its further growth and expansion into new markets.  Having worked on more retail corporate mini-bonds than any other UK law firm, we are excited about the benefits they have brought to so many companies and organisations across a wide range of sectors, and that they are continuing to gain in popularity.”

Memery Crystal is a recognised leader for its corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies.  The firm has been highly ranked for its excellence in handling M&A and IPO deals by both Chambers UK and The Legal 500, acting for public and private companies as well as for their nominated advisers and brokers.