Close Investment has provided the funding behind a new corporate vehicle in the leisure sector. European Golf Brands has been formed by the management buyout of Powakaddy Limited and the simultaneous acquisition of Hill Billy Limited. Both businesses manufacture electric powered golf trolleys. The Powakaddy brands will focus its products on the retail market via its established network of golf club pro shops and other specialist outlets. Hill Billy will focus on the mail-order distributors channel.

The new group will have turnover £12.5m and show £2m of profits.

Powakaddy is based in Sittingbourne, Kent and Hill Billy is located 10 miles away in Whitstable. The combined businesses will employ 150 people and will service a worldwide marketplace.