Americano

A social tournament format where partners rotate every round — good for meeting people.

asset finance

Borrowing secured on the equipment itself (courts, lighting, kitchen kit) — the lender can repossess the kit, which is why new businesses can get it when they can't get normal loans.

asset lock

The rule in not-for-profit structures that profits and assets must stay in the organisation — founders can earn salaries but never sell the company.

community benefit society

A not-for-profit company structure owned for community benefit — unlocks cheap sports-body loans but profits can't be paid out to founders.

eaves height

The height of a building at the edge of its roof — listings quote this, but the usable height in the middle (under the apex) is often greater.

EBITDA

Profit from actually running the business, before loan interest, tax and accounting charges — the standard measure of whether the business itself makes money.

EIS

Enterprise Investment Scheme — a UK tax break for people investing in young companies: they get 30% of what they invest back off their income tax, which makes investors far more willing to say yes.

EIS advance assurance

A pre-approval letter from HMRC confirming an investment in the company would qualify for EIS relief. Investors generally won't commit without it.

heads of terms

A non-binding outline of a deal (e.g. a lease) agreed before lawyers draft the real contract.

LTV

Loan-to-value — the loan as a percentage of what the property is worth.

NPIF II

The same bank's Northern fund — it backed The Padel Club's expansion.

opco

The operating company — the company that runs the venue, as opposed to one that owns property.

pre-app

Pre-application advice — paying the council a few hundred pounds for an early official opinion before submitting a real planning application.

pre-money valuation

The value everyone agrees the company is worth before new investment goes in.

SEIF

The British Business Bank's new South East Investment Fund — loans £25k–£2m and equity up to £5m for businesses in this region (not yet launched).

SEIS

EIS's sibling for brand-new companies — 50% relief but capped at small amounts.

use class

The planning category for what a building may legally be used for; “Class E” includes indoor sport, so a building with it needs no change-of-use permission for padel.