Court 17

Court 17 Illustrative Financial Model

This illustrative model explores scenarios for a proposed Greater London padel-and-tennis club. It does not describe GSH platform performance or an operating portfolio. The project has no secured site or trading history. Assumptions remain subject to site-specific diligence and revision; actual results may differ materially. This page is not an offer or invitation to invest.

This model tests one planned application of the GSH thesis. It does not define the limits of GSH's broader investment strategy.

View the Court 17 Concept 

Basis of preparation

These are modelled projections for a single Greater London flagship club, not a forecast. They depend on the assumptions shown and on securing a site. Actual results will differ.

No club has been built and no site is secured, so there is no trading history to check any of this against. Several assumptions below are rated low confidence by the model itself. Nothing here is an offer or an invitation to invest.

Years one to three

The base case

Modelled base case for a single Greater London flagship club, years one to three
Metric Year 1 Year 2 Year 3
Members (closing) 9001,2001,300
Revenue £4.14m£6.49m£7.62m
Gross profit £3.86m£5.99m£7.03m
Operating costs (£3.80m)(£4.71m)(£5.12m)
EBITDA £0.06m£1.28m£1.92m
EBITDA margin 1.5%19.8%25.2%
  • Breakeven is approximately 1,000 members against a fixed cost base.
  • Payroll is 36% of Year 3 revenue, against a 30-40% sector norm.
  • Year 1 lands at roughly breakeven, not profit.
  • Costs are held flat across scenarios, which is deliberately conservative.

Scenarios

Downside, base, upside

All three, together. The downside ends year three at a loss. The deck's own framing is that it is the honest case, because the cost base does not flex.

Year three under the downside, base and upside cases
Year 3 DownsideBaseUpside
Members 900 1,300 1,400
Revenue £5.41m £7.62m £8.40m
EBITDA (£0.12m) £1.92m £2.64m
EBITDA margin (2.2%) 25.2% 31.4%
Churn 30% 25% 20%

Assumptions

What it all rests on

Published with the model's own confidence ratings, low ones included. Those are the figures to argue with first.

Modelling assumptions, values, confidence ratings and basis
Assumption Value Confidence Basis
Blended ARPU £298/mo High Harbour Club Chelsea £325 with courts included; Third Space £345. The price is benchmarked, the band mix is not.
Play frequency 4 per month High Playtomic UK 2025, stable across the year on c.172,000 tracked players.
Active member ratio 65% High TRP 10,000 study; David Lloyd's 73% in-year active rate.
Churn 25% per year High HFA 2025 puts the industry at c.34%. Premium operators reach 20-25%.
Year 1 members 900 Medium Extrapolated from David Lloyd Harlow's 200+ founding members. No London padel-club comparator exists.
Drinks per member 1.5 per week Low No racket-club benchmark exists.
Retail per member £190 per year Low No UK per-member pro-shop benchmark exists.
Brand partnerships £100k per year Low The Specsavers deal covered 15 clubs and 69 courts. Single-site value is unproven.
Rent and utilities £825k per year Low Entirely site-specific until a site is secured.

The three Low-confidence revenue lines are 10% of Year 3 revenue. Stripping all three still leaves the base case at £1.4m of EBITDA.

Revenue mix

Where year three comes from

Year three revenue by line
Line Year 3
Membership subscriptions £4.48m
Joining fees £309k
Guest passes £250k
Food £601k
Bar and drinks £444k
Coffee £185k
Events, private and corporate hire £350k
Coworking, leagues, camps, lockers £360k
Retail and pro shop £238k
Wellness £194k
Coaching, net to club £114k
Brand partnerships £100k
Total £7.62m

Membership and joining fees are 63% of revenue, food and drink 16%, everything else 21%. Revenue per member is approximately £5,860 per year.

The club these numbers describe is Court 17, a proposed concept that is not yet operating.