The Yorkshire Corporate Finance Team at Armstrong Watson has successfully led the disposal of the Pole Position Indoor Karting (“PPIK”) business to Teamsport, Europe’s largest indoor karting operator for an undisclosed sum.
Located in Hunslett, the venue will undergo a major re-brand and refurbishment and will take the company’s existing 13 tracks to 14 as part of its continuing UK expansion.
The track stretches over 580 metres and consists of tunnels, bridges, elevated pit areas and an underpass to make it the ultimate venue for adrenaline junkies. It will also be accompanied by a fleet of 270cc LPG and high spec karts reaching speeds of 40mph for budding Lewis Hamilton’s to take advantage of.
A well established business and a long standing client of Armstrong Watson’s Yorkshire Karting Ltd and Rockbanks Ltd, trading as PPIK, was set up by directors Lyndon Robinson and Donald Midgley.
The transaction completed on 7 July 2015 with Chris Wright, Corporate Finance Manager at Armstrong Watson assisted by Robert WIlkinson, Corporate Finance Executive in Leeds, providing lead advisory services.
Legal advice was provided by Rachel Dean, senior associate in the corporate team at Leeds law firm Clarion, assisted by associate Rachael Stockley, advising Yorkshire Karting Ltd and Rockbanks Ltd. As part of the deal, Amy Silverwood, associate in Clarion’s property team, renegotiated with the landlord resulting in the existing lease being surrendered and a new lease being issued. Harrison Clark Rickerbys in Cheltenham represented the purchaser; and Norton Connor represented the landlord.
Dom Gaynor, managing director of TeamSport, commented, “The Leeds track is an exciting new venture for us that will offer an authentic racing experience for residents not only in Leeds and but its surrounding areas such as York, Hull and Doncaster too.
“Although PPIK has been operating in Leeds for over ten years - we intend to build on its strong reputation by introducing precise electronic timing systems, smart new racing suits and helmets to help encourage more people to take up motorsport.”
Chris Wright added
“The strength of the brand was a clear driver for the acquisition and it is a credit to the vendors to have achieved such status in the karting arena. It is always particularly satisfying to achieve a successful sale, at the right time, for a long standing client as it feels like you have completed the journey through the business lifecycle as their advisor throughout.”
Rachel Dean of Clarion commented, “We’re pleased to see the successful completion of this deal which has resulted in one of the region’s best known indoor karting venues joining a fast-growing national karting specialist. We wish the business well for the future.”
The venue aims to attract people of all ages and will allow spectators such as family and friends to partake in the action from its track-side viewing gallery. Additional facilities will include ‘Fuel’, TeamSport’s gourmet track-side snack bar, corporate meeting rooms, changing rooms and themed party rooms available to hire for children’s parties.
