Topgolf founders raise $34m to turn pool hi-tech as activity bars boom
Pool sharks could soon be playing a digitally enhanced version of the bar-room sport, after the British founders of the competitive leisure venues Topgolf and Puttshack raised $34m (£25m) to turn the game hi-tech.
The venture is the latest attempt to offer a technological twist on traditional competitive pastimes alongside food and drink to attract younger audiences who want more than a pint in the pub.
Twins Steve and Dave Jolliffe plan to open the first Poolhouse near Liverpool Street station in London next year. It promises to be a blend 'the glitz and glamour of Las Vegas' with the 'grit of iconic pool halls', adding another player to the booming activity bar market.
The venue, which is being backed by investors including the US-based venture capital firm Sharp Alpha Advisors and the Daily Mail investment arm, dmg ventures, uses pool tables, balls and cues from the traditional game but adds tracking technology and video projections to add different aspects to the game such as bonus targets and obstacles in an attempt to appeal to larger groups.
Alongside its own venues and those operated by franchise partners, Poolhouse plans to sell its equipment to pubs, bars and other venues to enable them to update their existing pool tables.
Steve Jolliffe said: 'Today, more people play at Topgolf than on traditional golf courses in the US, and we aim to make an even greater impact on the world of pool. While we have a strong track record, this project has been our most challenging endeavour yet.'
In the UK, the activity bar trend began with bowling and cocktails venue All Star Lanes, which opened in London in 2006, followed by table tennis venue Bounce six years later. It has been supercharged by the hunt for social-media friendly nights out that can look good on Instagram and TikTok, as well as places that offer something else to punters who drink less or are teetotal.
Landlords' hunt for something to fill space on high streets and in shopping centres vacated by department stores and other shops has also prompted expansion.
Bowling, indoor crazy golf and escape rooms are the most widespread concepts, but there are also bars incorporating darts, shuffleboard, table tennis, trampolining, bingo and even axe throwingThe number of venues that provide a mix of activities has more than quadrupled in the last five years, despite a difficult period during the Covid-19 pandemic, according to the property consultancy Savills, which has predict further growth.
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Paul Davies, the director of consumer leisure habits at the market research firm Mintel, said: 'The competitive socialising sector continues to expand, driven by demand from younger consumers who are seeking out thrilling and novel experiences. In fact, Mintel's research shows that 18 to 24 year olds are now as likely to take part in competitive socialising as they are to drink in a pub.'
But he added: 'The days of any new venture being a guaranteed success are numbered. Operators need to be wary of oversupply, especially in city centres, where activities such as crazy golf and ping pong are now well-established and at risk of becoming overdone.'
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