The company that owns the American Golf store chain saw turnover drop by almost £7m in the period covered by its latest accounts.
Pre-tax losses and debt also increased at Warrington-based AGDC Holdings Ltd in the year to January 28, 2007. Newly filed accounts show that turnover for the period fell to £58m from £64.8m in the prior year while pre-tax losses increased to £6.4m from £2.1m.
The company, which acquired American Golf in a leveraged buyout backed by Lloyds TSB Development Capital in 2004, made an interest payment of £5.6m during the year. The operating loss was £814,000.
Net debt, however, rose from £43.1m to £48.4m, of which only £1.9m was due during 2008.
The directors’ report said the year had been “a difficult period†for the UK golf retailing market, with “a significant downturn in demand†for golfing products. Read more.