Latest news with #F1Arcade
Sky News
6 days ago
- Business
- Sky News
Spinners raises £4m to meet demand for 'competitive socialising'
A leisure chain which aims to capitalise on Britons' enthusiasm for 'competitive socialising' has secured a multimillion-pound funding injection to accelerate its growth. Sky News understands that Spinners - which offers games such as bowling, crazy golf, darts and shuffleboard - has struck a deal with investor Gresham House Ventures to provide the new capital. Spinners, which opened its first site in Reading in 2021, now trades from three venues and says it wants to become a UK-wide chain. Its expansion plans reflect the growth of experiential leisure activities, with technology-led innovation in crazy golf and shuffleboard fuelling consumer spending at a time when many traditional pub and nightclub operators are experiencing significant financial pressure. Other businesses which have raised capital to fund rapid growth include F1 Arcade, the Formula One simulator chain, and Red Engine, the group behind Electric Shuffle venues. Jamie Bylett, founder and director at Spinners, said the funding would "enable us to accelerate our growth, and we look forward to announcing the location of new Spinners venues over the next few months". Francis Ireland, an associate at Gresham House Ventures, said: "With demand for competitive socialising growing rapidly, Spinners has built a strong base of customers at its existing sites. "We think the business has huge potential for continued expansion as customers seek out activity-based social experiences, so we are excited to be supporting Spinners as it continues to roll out its fantastic venues up and down the country." Gresham House Ventures invests on behalf of the Baronsmead and Mobeus venture capital trusts and is part of Gresham House, the specialist alternative asset management group.
Axios
29-05-2025
- Entertainment
- Axios
We tried the new F1 Arcade in Philadelphia
Buckle up and start your engines at the motorsports bar F1 Arcade in Center City, which opens today. The big picture: Philly is F1 Arcade's third location in the U.S., besides Boston and Washington, D.C. Driving the news: The huge arcade and bar at 1300 Chestnut St. opens at 4pm. The 19,000-square-foot space boasts 80 dual-screen racing simulators, lounge seating, a private event space, upscale eats and themed drinks. 🛞 I got behind the wheel at the arcade for a sneak peek before it opened. My take: It's a blast. My race was roughly 5 minutes, and the immersive simulation is head-and-shoulders above anything I've ever played. 🏎️ What else to expect: The arcade is outfitted with nods to Formula 1 racing, like race track wallpaper and helmets displayed on the wall. F1 Arcade also hosts Grand Prix watch parties to watch races on its big TV screens starting this Sunday ($49). How it works: Drivers select from skill levels ranging from "Rookie" for beginners to "Elite" for seasoned pros. Smaller groups (up to three) can go head-to-head and compete in three races. Larger groups (four or more) are split up into teams and compete in at least four races. Tickets: $20+ per driver (pricing varies depending on the time of day) Worth noting: The arcade is limited to people aged 21 and older starting at 7pm daily. The bottom line: Give it a try. You might get hooked.
Daily Mail
20-05-2025
- Business
- Daily Mail
Topgolf founding twins bring AI to the pool table with launch of new venture Poolhouse
Steve and Dave Joliffe are an overlooked British success story. The twins launched Topgolf in Watford in the 1990s, growing it into a worldwide business before selling it to golf brand Callaway in 2020 for $2billion (£1.5billion). The twins, who eschew most media and are rarely pictured, were among the first to marry sport and hospitality in a 'competitive socialising' venue, now ubiquitous in towns and cities globally. In the US, off-course golf activity now outranks on-course activity in the US, of which Topgolf has an 85 per cent market share. They have gone on to replicate Topgolf's success with mini-golf operator Puttshack. Now, they're using the same formula to bring the centuries-old game of pool into the 2020s, with the launch of Poolhouse. Joliffes are a 'two for one deal' Andrew O'Brien, chief executive of their new venture Poolhouse, calls the Joliffe twins geniuses. The former investment banker turned investor met the twins at the launch of F1 Arcade - a simulation racing experience - where he sits on the board. While the Joliffes differ in their specialisms - one in engineering and the other in business and tech - O'Brien says they're a 'two for one deal in terms of processing power'. One of their guiding principles for their businesses has been targeting non-players. They've effectively taken a Nokia 3210 and created an iPhone. 'For Topgolf, for ladies to go in dresses and high heels on a Friday evening, having never swung a golf club and have a brilliant time… they delivered that,' says O'Brien. 'Similarly, they identified a bit of a tired sport, which in our view needed a refresh. 'What can we do to create an environment that is welcoming and draws people in to want to come and play again and again? That's what they did with Topgolf and Puttshack.' Pool's longevity as a game and the growing number of players in China make it ripe for innovation. 'This one, in my view, is probably [the Joliffes'] best concept yet,' says O'Brien. 'They've effectively taken a Nokia 3210 and created an iPhone.' What is Poolhouse? As with Topgolf and Puttshack, the twins are appealing to non-players and will use AI to work out a player's ability before creating an 'equalising mechanism'. 'One of the key challenges I think that snooker and pool and billiard games face is that if you've got people with different skill sets, it's almost impossible to try and utilise those skill sets so that it's fun for both players,' says O'Brien. At Poolhouse, players will still have their usual balls and cues, but projectors in the ceiling will beam down on the pool table, a canvas for plenty of advertising opportunities, too. The team has already built five games, which are in a trial period, with more to come. They've brought in former pool and snooker champions to test how they might work. So far, so good, according to O'Brien. 'Some of the ex-professionals would pop one shot and then mindlessly walk around the table to pop the next shot, where they're perfectly positioned. 'But the tech will block them, or take the ball out of play so they start having to look at more difficult shots and other options.' It doesn't seem much fun for the better player who'll face hazards while the worst player gets an easy run. O'Brien insists the tech is well-equipped to deal with this. 'We don't want a good player to say they were much better but still lost. That doesn't feel fair, and we haven't seen one instance of that [during the demos]. I suppose it's quite like golf handicaps.' To have the support of ex-professionals suggests there might not be as much backlash from 'traditionalists' as you might expect. O'Brien says the goal was never to target professionals, but was 'delighted to learn [they] were willing to adopt something that's a little bit different.' '[The Joliffes have] preserved the legacy of the sport, it's definitely paying homage to what the sport is. They haven't gutted the sport and created something that traditionalists would be embarrassed to be associated with.' 'London is Silicon Valley for competitive socialising' The launch of Poolhouse forms part of hospitality's wider move to what it calls 'competitive socialising'. Unlike traditional hospitality, where food and drinks are central, the activity is the appeal in venues like Puttshack, F1 arcade and Flight Club. It means their appeal extends beyond after-work drinks, instead tapping into families, friends as well as corporates. The number of competitive socialising venues has soared to nearly 600, according to research by Savills. O'Brien, who is evangelical about the sector, says the UK is leading the way in the sector: 'London is Silicon Valley for competitive socialising.' However, hospitality businesses still struggle with rising costs and there have been plenty of high-profile casualties as consumers stick to eating in. The added activity is one way to increase revenue, but is now the best time to launch another venue? 'The sector has demonstrated a robustness in the face of these headwinds… It really boils down to delivery of service,' says O'Brien. 'There's evidence of a flight to premium. We don't call ourselves luxury poolhouse, it isn't a luxury venue. We'd like to describe ourselves as an affordable luxury venue. It feels special to go but it's a place that you can keep going and keep visiting again.' Poolhouse is likely to price itself in line with its competitors, between £12.50 and £15 per hour. Back-of-house gets makeover too Poolhouse's 'seamless, blended but unique menu' (aka tapas) will be led by an unnamed chef from Gordon Ramsay's group and is tapping into technology where it can. 'We want to make sure there's people on hand to help… but there are a lot of efficiencies that can be driven in the back end to make sure that we're managing costs.,' says O'Brien. Poolhouse will use an automated booking system with a customer service line that 'effectively feels like you're speaking with a human, but its AI.' 'Some of the biggest restaurant chains in the UK, some of the most premium chains, are already using it but you just don't realise it because it's just so good. There's been a huge leap forward.' Back of house will also get an AI makeover. 'We'll be able to understand certain food inputs - cheese, cream, whatever it is - and if there's been a change in terms of the pricing in the market, we can look at dynamically adjusting the menu.' Poolhouse - with its Vintage Vegas meets dive bar decor - will open in Liverpool Street, London next January. After a £25million funding round led by dmg media, Poolhouse has grand ambitions to take on the US, Middle East and Australia, and deploy its tech across bars, pubs, casinos and hotels. 'Our mission is to upgrade every single pool table to a Poolhouse table, because it just makes the experience that much better.' O'Brien is convinced that like Topgolf, Puttshack will soon reach unicorn status - when a company is valued at $1billion - and Poolhouse will too. But it might take a while for people to give up their beloved pool tables at the back of their local, where you can typically play for a quid a game. Poolhouse says it's all about giving it a 'makeover', but it might take some time to convince traditionalists who argue it's best left alone.
Business Insider
01-05-2025
- Business
- Business Insider
Topgolf's founders raised $34M to shake up a new sport. A 28-page deal memo reveals their plans.
Topgolf founders Steve and Dave Jolliffe are trying to shake up a new corner of the sports world. Their new startup, Poolhouse, raised $34 million to bring the Topgolf model to billiards. Poolhouse's lead investor shared a 28-page deal memo that breaks down the business's growth plans. Topgolf founders Steve and Dave Jolliffe have raised $34 million for a new take on the game of pool. A deal memo from one of the company's lead investors reveals its strategy to stand out amid a slew of social sports concepts. The new venture, Poolhouse, plans to bring Topgolf's recreational model to billiards. It uses tech to make the game more social and is building a lounge-like experience with higher-end food and drinks than you'd find in a typical sports bar. The UK-based company plans to open its first location in London next year and then expand to the US. VC firms Sharp Alpha and DMG Ventures led Poolhouse's seed round with a primary close in October. The startup is also backed by investors including David Blitzer, Simon Sports, Active Partners, and Emerging Fund. Sharp Alpha, which shared its 28-page deal memo on the investment exclusively with Business Insider, sees Poolhouse as part of the burgeoning category of " competitive socialization." Companies are trying to modernize various recreational sports with concepts such as Puttshack, the Jolliffe's spin on mini golf, the darts chain Flight Club, and racing simulator F1 Arcade, which raised $130 million last year. Topgolf helped popularize the category with its gamified indoor driving ranges and exposed a new audience to golf. In 2020, Callaway bought Topgolf in a $2 billion deal. "Who would have thought 20, 25 years ago when Topgolf was created that people would be going in dresses and high heels, having never swung a golf club before, and having a great time playing golf," Poolhouse CEO and cofounder Andrew O'Brien told BI. The Topgolf founders positioned Poolhouse as their "most ambitious" and "scalable" business yet, according to deck. O'Brien said Poolhouse outfits regular pool tables with tech to determine how good or bad each player is early in the game, and then introduces handicaps to level the playing field, such as bonuses for beginners or hazards for pros. A game can include up to 12 people. The gamified elements are projected onto the pool table, so the facilities don't need to be as cumbersome as some other social sports concepts. Where a Topgolf venue can cost more than $40 million to build, O'Brien said Poolhouse aims to spend around $15 million to $20 million per location, though it may spend more in pricey markets like New York or Las Vegas. Many companies have adopted the "Topgolf for X" model in other areas, from darts to ping-pong to racing. "All of these venues are fun to visit. Not all of them are investable," Sharp Alpha wrote in the deck. The firm, which focuses on sports, gaming, and entertainment, spent over a year evaluating concepts in this space before investing in Poolhouse. It said successful models have four key elements: Strong food and beverage revenue High frequency, in that they're built around an everyday hobby Conducive to events like corporate parties or birthdays Proprietary software that can create a high-margin third-party opportunity To that last point, O'Brien said Poolhouse is exploring franchising and licensing to scale its brand beyond its own venues. Poolhouse's founders were also a big draw for investors. Danzig described the company as a "textbook case of founder-market fit." Here's the deal memo from Sharp Alpha, which redacted some details: Poolhouse is looking to bring the Topgolf experience to billiards Sharp Alpha Sharp Alpha's deal memo outlines its investment in Poolhouse and the competitive landscape Sharp Alpha The deal memo includes: Deal overview Opportunity Competitive landscape Recipe for success Product Comparable companies Team Go-to-market strategy Risks Financial model It gives an overview of the company, including its investors, concept, and team Sharp Alpha and DMG Ventures led the seed funding round. Other investors included David Blitzer, Simon Sports, and Active Partners. The company's team includes execs with experience in hospitality, food and beverage, augmented reality, and computer vision. The slide also describes Poolhouse's business and revenue streams: What is Poolhouse? Poolhouse is a software company building a cathedral to tech-enabled pool where gamified billiards tables serve as centerpieces to high-end competitive socialization paired with refined food & beverage. This forms the foundation for a higher-margin revenue mix that includes licensing white label technology and franchising. Revenue streams Poolhouse-operated venues Franchise/Joint-venture Licensing to 3rd parties Poolhouse is targeting 3 markets: restaurants, out-of-home entertainment, and events Sharp Alpha Poolhouse wants to be considered a "third place," which is a social setting that's separate from the home and the workplace. This slide shows how demand for 'Third Place' experiences is surging It includes charts on the share of American 30-year-olds who live on their own, have ever married, live with a child, or own a home — all of which seem to be trending down from the 1980s through 2023. It also shows the growth in Google search volume for the terms "how to meet people," "meet new people," "where to make friends," and "feel lonely." It says landlords want these kinds of venues The slide reads: Mixed-use spaces anchored by entertainment are coveted by landlords Increase high-quality foot traffic Attract multiple tenant types Robust against the rise in online shopping "A premium competitive socialization venue can have a hugely positive impact on a central London development. The success achieved by F1 Arcade at the ONC location has resulted in improved footfall for the shopping center, a significant halo effect sales increase for other operators, and notably higher rental asks for new incoming tenants." — Jonathan Peters, the Global President at F1 Arcade (previously CFO at Richard Caring restaurants). A graph compares site-level EBITDA margins for traditional F&B and competitive socialization. Sharp Alpha points to a variety of concepts in this space Sharp Alpha These include lounges, sports, and arcades. They offer a range of value propositions Sharp Alpha The slide includes a word cluster analysis for four categories in this space: training facilities, watering holes, arcade 2.0, and adult playgrounds. A map suggests London is a popular launchpad for concepts in this space Sharp Alpha It shows locations in London as of March. Those businesses tend to expand next in the US, including New York, Boston, and DC Sharp Alpha The slide shows a map of competitive entertainment businesses in New York. Successful models for these venues have 4 key qualities, the deck says Sharp Alpha These traits include high food and beverage revenue, high visit frequency, conducive to events, and high-margin third-party opportunities. Poolhouse cofounder Steve Jolliffe says the startup is his 'most ambitious' yet Sharp Alpha The slide reads: "Poolhouse is the most ambitious and scalable concept my brother and scalable concept my brother and I have created, representing the pinnacle of our lifelong work. Today, more people play Topgolf than on traditional golf courses in the US, and we aim to make an even greater impact on the world of pool." — TopGolf and Puttshack founder, Steve Jolliffe It explains why the game of pool is ripe for reinvention This slide reads: Why Pool? There is an opportunity to reshape how people perceive and play the game of Pool Pool enables a business model that draws on all four ingredients in the Recipe for Success The recipe for success is: High F&B High frequency Conducive to events High-margin 3rd party opportunity Pool is widely recognized, accessible, and associated with social consumption Pool tables are the perfect centerpieces for entertainment, with eating/drinking/socializing integrated into the game (as opposed to venues where consumption and socialization are separate from gameplay Poolhouse games offer the perfect balance of engagement and effort + attention required to enable social experiences and maximize F&B More examples of companies in the space Sharp Alpha A chart breaks down the companies by when they were founded, where they're based, number of locations, the cost per hour, alcohol association, athletic exertion, dwell time, and visit frequency. Some details are redacted. The memo introduces the Poolhouse team Sharp Alpha The memo says Poolhouse has nine senior members with industry experience in addition to the Joliffes. They include Paul Hawkins from Hawk Eye Technologies, CEO Andrew O'Brien, and COO Matt Fleming. Poolhouse's first location will be in London, by the Liverpool Street station Sharp Alpha The deck described risks to Poolhouse's business Sharp Alpha Sharp Alpha redacted these details in the version of the deal memo sent to BI. It describes the margin profile for Poolhouse's locations Sharp Alpha The flagship locations will be in London and New York, the deck says. They will serve as showrooms for franchise opportunities and white-label customers, such as pool halls or hotels. Poolhouse plans to charge per person per hour Sharp Alpha The details on "revenue assumptions" are redacted. Sharp Alpha forecasts Poolhouse's net ROI and site-level EBITDA margins Sharp Alpha The forecasts are based on comparable companies. One graph shows net ROI for companies, including F1 Arcade, Bowlero, and Dave & Buster's. Another shows site-level margins for earnings before interest, taxes, depreciation, and amortization for companies such as Bowlero, TopGolf, and Puttshack. This slide outlines the financial model Sharp Alpha Those metrics include table utilization, food and beverage cost of goods sold, licensing revenue, and capital expenditures per location. It reads: The most important metrics in the financial model are: Table utilization F&B COGS Licensing revenue Capex per location We rebuilt the company's model from scratch, arriving at 7-year estimates summarized on this page. Our diligence process suggested the company may have been a bit aggressive on its utilization projections but too conservative on the EBITDA contributions of the white-label revenue stream. We specifically sensitize Year 7 EBIDTA below on two key dependencies, F&B gross margin and utilization rate, compared to our base case projections. The charts in the slide are redacted. This slide summarizes the memo's key takeaways Sharp Alpha The slide reads: Problem: The game of pool is desperate for reimagination at a time when demand for activity-based food & beverage experiences is surging. Solution: A cathedral to tech-enabled pool where gamified billiards tables serve as centerpieces for high-end competitive socialization paired with refined food & beverage. Traction: Construction is underway at Liverpool Street; multiple U.S. sites are under contract. These locations establish a foundation for a scalable, higher-margin revenue mix through technology licensing and franchising. Market size: The out-of-home entertainment market alone exceeds $100 billion within the $2.6 trillion global entertainment and media sector. The events market, including corporate events and weddings, is valued at over $160 billion, while the US full-service restaurant market surpasses $400 billion. Investment opportunity: We are leading the company's $34M seed round alongside the Daily Mail Group, David Blitzer, and Simon Sports ahead of the London launch in Q1 2026, followed by U.S. openings, international franchising, and white-label tech deployments. Team: Led by Steve and Dave Jolliffe (TopGolf, Puttshack) and Paul Hawkins (Hawk-Eye), supported by nine senior executives from F1 Arcade, Swingers, TopGolf, Flight Club, and Puttshack. The memo closes with the Poolhouse logo Sharp Alpha It also includes a legal disclaimer Sharp Alpha
Time Out
25-04-2025
- Entertainment
- Time Out
The fastest way to run the 2025 London Marathon, according to F1 experts
As London inches closer towards marathon day, you might be one of the tens of thousands of entrants carefully considering your tactics for pacing yourself, refuelling, and making sure your mates get the best pics of you looking demure and sporty next to a famous landmark. Running – it's quite hard, isn't it? Sweaty and tiring and quite miserable, if we're honest. Legs are only good for so much, and 26.2 miles is quite long. Much easier to be a Formula 1 driver in a shiny car instead, with the ability to just… zoom around. What if we told you this dream could become a reality, and you could be zipping around the course like little Lando Norris this Sunday, thanks to tips from F1 experts? Though, to be clear, you'll need to run, and there isn't a podium with champagne afterwards (unless your friends are really committed to the bit). The quick-witted bods at F1 Arcade have reimagined the London Marathon course as a race track, plotting out the ideal spots to overtake, refuel, and get an edge on the competition. Forget sub-4 - you can smash all your PBs with these nifty tricks. Here's some sage advice from the pros on how to get round the track in record time, using just your legs. First up, here are the ideal refuel spots for getting some energy-boosting snacks down you: Mile 9, Surrey Quays Mile 15, the entry to Canary Wharf Mile 22, Poplar High Street Mile 24, Embankment The experts recommend having a gel or chew every 30-40 minutes to ensure you have access to steady energy throughout the race. And remember, it IS a race, no matter what anyone tells you about it being the 'taking part that counts'. You know better, and you're going to be crossing the finish line with the pros, so make sure you're planning your water pit stops effectively too, sipping often so you don't get too dehydrated to make your winner's speech. No one's invented a way to shut down your bladder for a couple of hours yet, so it's likely you'll need to find the loos at some point. The experts recommend having a slash early on, between miles 4 and 7, where you're less likely to need to take time out queuing. Now that you've got food, drink and loo breaks nailed, winning strategy turns to endurance. Save your sprints, don't get boxed in, and make sure you're running on flat surfaces as much as possible, and you'll be guaranteed to do well. But how easy is that in practice, when the course is so varied? F1 Arcade have you covered. Your biggest barrier may be hairpin turns. There are a few of these bad boys on the route, including at Canary Wharf and Westminster, but you'll be cruising past everyone else if you 'clip the apex' - go wide and round the inside before returning to the outside. Plus it's just a really technical phrase that you can impress your supporters with at the pub after. There are several other yucky bits of the route (not F1 Arcade's terminology), but you'll be fine, because you've read this article and will breeze through them with ease. Here they are: Canary Wharf: apart from just being quite overwhelming any day of the week, this section of the route features horrendous zig zags and sharp corners. WWVD (What would Verstappen do)? Stay wide on entry, tight on exit. Tower of London and Cutty Sark: these stretches are both cobbly as hell, and you could wind up with a twisted ankle if you're not careful. Look ahead and find the flattest sections, and stick to them. Embankment: this part of the course is headwind-central, but it's totally legal to tuck in behind a runner going at roughly the same pace as you and let them battle the breeze instead. Busy spots like Tower Bridge: photo opp favourites are likely to make people crowd up, but if you stick to the edge of the road you can keep on pace and avoid getting boxed in. After all of this, you're on the home stretch. When you get to Pall Mall, it's simple: sprint the final 600m, celebrate uproariously, then pop the champagne and never think about doing any of that ever again. No excuses for shoddy Strava stats now - embody an F1 car cruising around a track, and you'll be gliding along London's streets.
