How we work
We back what we understand, and we do the work ourselves.
We think most of the value in an investment is made after the money goes in. So we plan for that part from the first conversation.
Four stages
We work in four stages, in this order. The last one does not end.
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Assess
We start with what the business has already done. If the evidence does not support the price, we walk away.
- Trading results for each site
- How busy the business is, hour by hour
- What it costs to build, fit out and staff
- Leases and every other key contract
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Structure
We negotiate directly with the people we will be working with and put everything in writing. Nothing below is left to settle after the money has moved.
- Shareholder rights
- A seat on the board
- Regular reporting
- Capital paid in by stages, as milestones are met
- What happens if plans slip
-
Govern
Once we have invested, we take our seat. We go through the numbers regularly, ask for the detail behind them, and raise problems while they are still small.
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Operate
Then we go to work. We spend time on site, get to know the staff and the regulars, and help with the things that decide whether a venue is full on a weeknight.
- Local partnerships
- Programming and events
- Service on the floor
- Costs
What we watch
In a venue business, a handful of numbers tell most of the story.
These are the ones we look at first.
- Court use by hour and by day
- Members joining, staying and leaving
- Revenue per court hour
- Wages as a share of revenue
- Food and drink spend per visit
- Bookings for open play, events and court hire
Our role
An investor who also turns up.
At House of Pickle Botany we are the operating investor, with a seat on the board of the Botany company and one of us at the club, close enough to see what the numbers cannot show.
How we decide
Every investment decision is made by the three of us. Shivam Rathi, Mehul Sejwal and Rohan Pandit
If you run a business and this is how you would want an investor to behave, we should talk.