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American Golf in the rough as owner plots sale

By Mark Kleinman, City editor
The US may have made the stronger start to this year's Ryder Cup, but American Golf, Britain's biggest specialist golfing retailer, is trying to find its way out of a financial bunker.
Sky News has learnt that the chain, which trades from more than 130 stores across the UK and Ireland, has approached potential buyers in the last few days in an effort to secure new investment.
Sources close to the process, which is being run by Deloitte, said that American Golf had been hit by weather-related problems both during the extended cold snap earlier this year and then the warmer-than-usual summer.Deloitte is understood to have told a number of turnaround investors and retailers this week that it is seeking offers within a short timeframe, suggesting that the chain may be facing serious financial distress.American Golf sells big-name brands including Callaway, TaylorMade, Titleist and Wilson.A source close to Sun European Partners, the private equity firm which has owned American Golf since 2012, insisted that a sale was being marketed on a solvent basis and not as a potential pre-pack administration.The sources added that Sun had indicated that it would not inject any additional capital into the business.A previous restructuring in 2015 was necessary, the company said at the time, to "maintain the confidence of its supplier, credit insurers and other key stakeholders".
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