Golf store chain sold for £40m

Two golfing enthusiasts have teed up a £40m (€59m) windfall from the sale of UK sports-based chain American Golf Discount, it emerged today.

Howard Bilton will pick up £21.6m (€31.9m) and Tony Norton will net £18.4m (€27.2m) from the sale of the 61-strong chain of stores to private equity firm LDC.