VS Series
Topgolf v Puttshack
Golf as a night out, two ways
Topgolf leads on 4 of the five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. Topgolf is the biggest by turnover at £52m, against £19m at Puttshack. Both lost money; Topgolf lost the least, £11.15 of every £100 it took.
The year ends are up to 12 months apart, so this compares each company's most recent filing rather than the same twelve months. Puttshack files group accounts that include subsidiaries; Topgolf files for a single company, which flatters the group on size.
Accounts compared: Topgolf to Dec 2025 · Puttshack to Dec 2024
Who they are
Topgolf
Topgolf Limited · 03724493Topgolf runs golf entertainment venues in the UK where guests hit balls from all-weather bays at giant outfield targets, with scoring done automatically by tracked balls.In brief: golf entertainment venues · four UK sites · bays, bar and restaurant · parties and corporate eventsFull profile →Puttshack
Puttshack Ltd · 09875975Puttshack runs indoor mini golf venues that pair tech-scored courses with a full-service bar and restaurant.In brief: tech-scored mini golf · bar and restaurant · four UK venues, nearly 20 in the USA · founded 2018Full profile →The Numbers
| # | Company | Turnover | Change | Pre-tax profit | Margin | Employees | Pay per head | Turnover per head | Net assets | Bank and cash | Accounts to | Basis |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | TopgolfTopgolf Limited | £52m | +2.0% | -£6m | -11.2% | 710 | £22,000 | £73,000 | £127m | £6m | Dec 2025 | Single company |
| 2 | PuttshackPuttshack Ltd | £19m | n/d | -£3m | -14.0% | 318 | £22,000 | £60,000 | £8m | £0.7m | Dec 2024 | Group |
Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).
Category winners
The Takeaway
- Topgolf loses the least. Of every £100 it takes, it loses £11.15, against a loss of £14.03 at Puttshack.
- Topgolf is the largest on the top line, £52m of turnover, 2.7x Puttshack's £19m.
- Topgolf is growing fastest, turnover +2.0% on its own prior year.
- Topgolf is the biggest employer with 710 people; Puttshack pays the most per head, an average staff cost of about £22,000.
- Topgolf has the largest balance sheet, net assets of £127m.
Who keeps the most of every £100 of sales?
Every company here made a loss. Topgolf lost the least, £11.15 of every £100 of turnover. Puttshack does worst, losing £14.03.
Every profit figure here is the one the company filed.
The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.
Out of every £100 of turnover
Each column is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.
Who is the biggest, and does the comparison hold?
By turnover the order is Topgolf (£52m), Puttshack (£19m).
By headcount, Topgolf leads with 710 employees.
The comparison holds with the dates stated plainly: Topgolf to Dec 2025, Puttshack to Dec 2024. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.
Turnover on the latest filing
Who is growing fastest?
Topgolf grew fastest, turnover +2.0% on its own prior year.
Who employs the most, who pays the most, and who brings in the most per head?
Topgolf employs the most, 710 people, against 318 at Puttshack.
Puttshack has the highest average staff cost, about £22,000 a head; Topgolf the lowest, about £22,000.
Topgolf brings in the most turnover per employee, about £73,000, against £60,000 at Puttshack. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.
Who owns each one?
Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.
What does the full ledger show?
| Measure | Topgolf | Puttshack |
|---|---|---|
| Registered name | TOPGOLF LIMITED | PUTTSHACK LTD |
| Company number | 03724493 | 09875975 |
| Incorporated | 1999 | 2015 |
| Accounts filed | 17 August 2026 | 17 May 2026 |
| Turnover, prior year | £51m | n/d |
| Pre-tax profit, prior year | -£9m | n/d |
| Staff costs | £16m | £7m |
| Payroll share of turnover | 30.1% | 36.7% |
| Employees, prior year | 721 | n/d |
| Dividends paid | n/d | £20m |
| Charges outstanding | 0 | 8 |
A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.
Topgolf v Puttshack: common questions
Who is the biggest of Topgolf or Puttshack?
Topgolf, with turnover of £52m in the year to December 2025.
Which makes the most profit?
Puttshack: the smallest loss, -£3m pre-tax in the year to December 2024.
Which employs the most people?
Topgolf, with 710 employees in its latest accounts.
Topgolf or Puttshack: which is bigger?
Topgolf, with turnover of £52m against £19m at Puttshack on their latest filings. On margin, Topgolf keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →
Where do these figures come from?
Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.
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