Confidential · For discussion with UK investors · September 2026

One platform.
Two markets.
A padel group built
on programming.

A Southeast Asian padel holding company: an owned software platform, a 50% interest in Pad Thai Padel Thailand and a 60% interest in Pad Thai Padel Indonesia.
Working name — holdco legal entity and jurisdiction to be confirmed. All figures in THB / IDR with GBP shown at ฿43 = £1 and Rp 21,500 = £1.
The structure

What the holding company owns

HOLDCO
UK-facing investment vehicle · brand, IP and capital allocation
100%
The Platform
Setpoint club software + The Padel Society community app
Live
60%
PTP Indonesia
Bali · 5 courts operating since July 2026
Live
50%
PTP Thailand
Bangkok + Phuket · 1 club live, 4 in build
Scaling
Why it holds together
Every club in the group runs on software the group owns. Bookings, academy, memberships and community all sit in one data layer.
Why the stakes differ
Thailand carries local operating partners from the original build-out. Indonesia was structured later, with the holdco in control.
Where the operating leverage is
The playbook — programming, academy, community — is written once and deployed per market. Head office does not scale with court count.
The thesis

We are not in the court-hire business.
We are in the programming business.

  • Courts are infrastructure. Programming is the product. A facility does not create a community; what happens inside it on a Tuesday evening does.
  • Padel manufactures community by design. Doubles-only, 90-minute sessions, weekly rhythm — the same four people meet the same four people, repeatedly.
  • Research across 28 industry sources: programming-led clubs outperform booking-only clubs by up to 5×.
  • That is also the defence. Bangkok went from no competitors to 20+ venues in eighteen months. Court hire is price-comparable and weather-exposed. Academy subscriptions and managed communities are neither.
Our July 2026 dip in Bangkok, and the recovery above 70% occupancy within weeks of pushing academy and community programming, is the thesis tested under pressure rather than argued on a slide.
Community events hosted
590+
Across three community brands in Bangkok
Flagship event fill rate
97%
458 Sabai Sabai events
Unique community players
1,700+
303 of them attend five or more times
The proof · Bangkok, three courts

The playbook is not a projection. It has already run.

Peak monthly court revenue
฿2.04M
Jan 2026 · on three courts
Peak court occupancy
74.6%
Feb 2026 · top of the Bangkok market
Peak academy month
฿1.07M
611 coaching sessions, Mar 2026
Ecosystem peak
฿3M/mo
Courts + academy + community, three courts
August 2026 · prime-time occupancy
89.2%
Up from a 72.5% July average — highest weekly figure since early June
August 2026 · academy revenue
฿600k+
Highest month on record, in the first month of the new subscription structure
September · pre-booked
60%
Of the month's hours already on the books at time of writing
Source: Setpoint, the group's own operating platform. Every figure above is a platform record, not an estimate.
Current pipeline · contracted

Six sites. Twenty-four courts. Two countries.

SiteMarketCourtsPositionStatusOpens
BaliIndonesia · 60%5Premium expat & touristTradingLive since Jul 2026
Rama IV / Khlong ToeiBangkok · 50%3Urban flagshipTradingLive
Cloud 11 (CP Group)Bangkok · 50%2 + 1 pickleballMixed sport · central kitchenFitting outSoft open 15 Sep · full open Oct 2026
ThonglorBangkok · 50%6Flagship · air-conditionedIn buildQ1 2027
Rawai, PhuketThailand · 50%4Tourist & expatUnderwayQ1 2027
BangnaBangkok · 50%4SuburbanContractedJul 2027
Total by mid-2027—2423 padel + 1 pickleball——
Said plainly: Thonglor is running 35% over budget — heavier micropiling forced by ground conditions, plus a chosen decision to add full air-conditioning after competitors made climate control a basis of competition in Bangkok. Phuket is on budget, with the partner funding 75% of capex. Cloud 11 slipped roughly one month and now has a firm date; its programming is two padel courts and one pickleball court, with an option on a third padel court.
Indonesia · 60% owned

Bali opened eight times stronger than Bangkok did.

First 20 days of operationBangkok 2024Bali 2026×
Courts351.7×
Confirmed bookings21163~8×
Booking revenue (THB-equiv)฿43k฿146k~3.4×
Bookings per court per day0.351.63~4.7×
Days to first double-digit day~2874× faster
Bangkok's inflection came on day ~28 — the exact week community programming started. Bali begins at eight times that base before the accelerant is applied.
Month-1 run-rate
Rp 130M
Bookings only · zero marketing spend
Avg booking value
Rp 510k
Premium pricing holds
The 90-day target · to end November 2026 Plan
Rp 1.5B/mo · ≈ £70k/mo
Five engines: courts (occupancy 15%→45–50%, still below Bangkok's proven 74.6%), academy (120+ subscribers), camps & retreats — the Bali-only lever Bangkok never had, at ~Rp 150M gross per camp — community programming, and F&B/retail.
The platform · 100% owned by the holdco

Three layers, one data model, two countries.

Layer 1 · Setpoint
The club operating system. Court calendar and bookings, a six-level pricing cascade, academy and coach scheduling, memberships and credit top-ups, POS and an iPad staff till, and business reporting. Multi-tenant and multi-facility: every table is scoped to a facility, so one instance runs every club in the group.
Layer 2 · OpenRally
An open booking protocol sitting in front of it. Any consumer app can read availability, hold a slot and confirm a booking through a public, documented, key-authenticated API. Deliberately consumer-agnostic: it does not know who is calling. Live at openrally.co/developers.
Layer 3 · The Padel Society
The player and community app. Communities, events, open matches, levels, rankings and competitions. It books courts through OpenRally like any third party would. This is the demand engine that fills the calendar in layer 1.
Why the separation is the whole point
The community app has no privileged access to the club software. It is simply the first consumer of a protocol any club or app can join. That is what turns an internal tool into a network: we can onboard a club we do not own, and we can let an app we did not build sell our court hours.
Built for a group, not a club
Multi-currency from the schema up, in minor units, converted only at the boundary. THB and IDR run side by side today. Passwordless invite-only staff auth, row-level security per facility, Stripe for memberships and top-ups. Adding country three is configuration, not a rebuild.
The platform · what it looks like

This is not a deck asset. It runs the clubs today.

Setpoint · court calendar, live club
Drop admin-calendar.png into /screenshots
Setpoint · business report
Drop admin-revenue.png into /screenshots
The Padel Society app
Drop app-community.png
Every screen above is production software owned outright by the holding company, in daily use by staff and members across Bangkok and Bali.
The platform · in numbers · verified 7 Sep 2026

What the software has actually processed.

Gross booked value
£729k
Court bookings and point of sale, both currencies, since Aug 2024
Bookings delivered
26,356
Excluding cancellations · 2,283 more already on the books
Club customer records
6,846
3,415 have booked at least once · 17,921 players in the community app
Lessons delivered
2,660
4,828 enrolments · academy live since Mar 2025
Point-of-sale orders
2,619
Till and terminal, Bangkok and Bali
Packages & memberships
177 · 31
Lesson packages sold · memberships held
API keys & webhooks
32 · 30
Third-party integrations live through OpenRally
Live clubs · courts
5 · 19
Two countries, two currencies, one instance
Queried directly from production on 7 September 2026. Test and seed facilities excluded. FX ฿43 = £1, Rp 21,500 = £1. The £729k is gross booked value from the bookings and point-of-sale ledgers, not payment-reconciled cash. Setpoint does not yet take card payments online, so settlement is reconciled in the accounting system rather than the platform. Academy revenue is tracked separately and excluded here.
The platform · twelve months of throughput

A stable Bangkok base, and Bali arriving.

Thailand · monthly court-booking value, THB millions
Sep 251.16Oct1.26Nov1.24Dec1.25Jan 261.25Feb1.02Mar1.07Apr0.88May1.05Jun0.94Jul0.93Aug1.15
Bali · IDR millions
Jul2Aug166Sep50
Opened 28 July. September is seven days only.
Delivered bookings only. The February to April softening and the July trough are the rainy season compounded by 20-plus competing venues opening in Bangkok; August recovers to ฿1.15m as academy subscriptions and community programming take hold.
The Bali detail worth pausing on: its point-of-sale line, at Rp 686m since 30 July, is already larger than its court-booking line at Rp 219m. Food, drink and retail are not a rounding error in that market, which is precisely the thesis behind the Cloud 11 central kitchen.
The platform · the finding that matters

Two clubs we do not own run their whole
operation on our software today.

Club on the platformLocationCourtsDelivered, 90dForward slotsLast booking takenStatus
WareHaus ClubPhuket54592527 Sep 2026Live and growing
Hua Hin Padel CenterHua Hin43341287 Sep 2026Live
Pad Thai Padel · Rama IVBangkok3———Group-owned
Pad Thai Padel BaliBadung, Indonesia5———Group-owned
The ClubThailand222813 Sep 2026Pilot, winding down
What this is
793 delivered bookings between the two in ninety days, 380 future slots on the books, and both were transacting on the day these figures were pulled. WareHaus runs its academy and its till on Setpoint as well as its courts. This is multi-tenant operation under real load, not a demo tenant.
What it is not, yet
Their commercial terms are not recorded in the platform, so we claim only what is evidenced: both are operationally live. There is no pricing page, no sales motion and nobody selling Setpoint. They arrived anyway. Every projection in this deck still values the software at zero, so an investor underwrites the clubs and receives this line for nothing.
The platform · the demand engine

17,921 players. 29,609 event attendances.
This is what fills the courts.

Registered players
17,921
11,401 joined in the last twelve months
Active, last 90 days
3,617
Booked, joined an event, played a match or joined a community
Events hosted
3,367
773 of them in the last ninety days
Event attendances
29,609
7,810 in the last ninety days
Communities · the honest number
139 communities exist. 52 have ten or more members. 38 hosted something in the last ninety days. We quote the 38 to 52 range, not the 139, because a community that does not meet is not a community. 15,024 memberships sit across them. The ones that work, work hard: this layer is what produced 7,810 attendances in a quarter.
Where the players are from
Thailand 28.6% · Indonesia 7.1% · 168 other countries 52.7% · unset 11.6%. Largest of the rest: the UK at 1,098 players, then France, Russia, Germany and the USA. Self-reported residence, not where they play, and consistent with Bangkok and Bali being tourist padel markets. It evidences an international player base, not international operations.
OpenRally, the protocol layer, is three months old: shipped and live with a public API, two credentialed consumers, 15 tournaments and 396 matches run through it. We quote it as working infrastructure, not as an adoption number.
Financial picture · Thailand OpCo

The contracted base: five clubs, nineteen courts.

Fiscal yearRevenue (THB m)EBITDA (THB m)MarginHoldco 50% share (£)Note
Y0 · 202523.1(15.0)——Ramp
Y1 · 2026142.943.030%£0.50mCloud 11 opens
Y2 · 2027147.945.030%£0.52mThonglor, Phuket, Bangna open
Y3 · 2028153.147.131%£0.55mFirst full run-rate year, all five clubs
Y5 · 2030164.038.824%£0.45mPlanned renovation capex year
Y7 · 2032175.756.432%£0.66mOwned estate at maturity
Indonesia at 90-day target
£0.84m
Annualised revenue, one club, 60% held. EBITDA contribution not yet modelled to the same standard as Thailand.
What is excluded
F&B expansion and the central kitchen, Setpoint SaaS, camps beyond Bali, and every JV club on the next slide.
Capital in discussion Not committed
A THB 30m convertible note into the Thai OpCo is under discussion with Sansiri, Thailand's leading residential developer. Proposed terms: two-year maturity, converting to equity, floor THB 100m, cap THB 190m. Nothing is signed and it is assumed nowhere in this deck.
Thailand figures are the OpCo model prepared for the Sansiri discussions, September 2026. This is the floor case, not the ceiling.
Potential pipeline · asset-light

Fifteen locations by 2032, without further equity dilution.

The JV template
The partner provides the space and the capital. The group provides the brand, the platform and the team. Four courts, 58% occupancy, THB 1,100/hr, plus F&B, coaching and wellness. The group takes a 40% profit share — roughly THB 8–10m of annual revenue contribution per club, with no equity deployed.
YearNew JV clubsCumulativeCourts
2028+228
2029+2416
2030+2624
2031+2832
2032+21040
YearOpCo revJV revCombinedCombined EBITDA
2027147.9—147.945.0
2028153.1~18~171~50–53
2029158.5~36~195~57–62
2030164.0~54~218~60–67
2031169.8~72~242~72–82
2032175.7~90~266~83–95
THB millions. The JV layer is additive with near-zero incremental overhead: brand, marketing and management infrastructure are already sunk, so each JV club drops a higher share of revenue to EBITDA than an owned club did at the same stage.
Indonesia applies the same overlay
Bali proves the market entry model. Jakarta, Canggu-adjacent sites and the wider archipelago are the natural JV territory — not in the numbers above
Why now · why us

What we are asking a UK investor to underwrite.

  • The model is proven, not theorised. Three courts in Bangkok reached ฿3m a month. Bali opened at eight times Bangkok's launch curve.
  • The estate is contracted. Six sites and twenty-five courts are signed, funded or in build — not a wish list.
  • The growth layer needs no capital. Ten JV clubs by 2032 are funded by partners in exchange for brand and operations.
  • We own the software, and it already has outside customers. £729k processed, 6,846 registered players, and two independent Thai clubs running on it without a licence or a salesperson. It is valued at zero in every number here.
  • Institutional counterparties take us seriously. Our Cloud 11 club sits inside a CP Group development, and a THB 30m convertible note is in live discussion with Sansiri, Thailand's leading residential developer. Neither is capital in the bank, and neither is assumed anywhere in these numbers.
The ask To be set
Round size, instrument and valuation are open. The obvious uses of proceeds are: (1) the Thonglor overrun and the balance of the Thai build programme, (2) the Bali 90-day sprint and a second Indonesian site, (3) commercialising Setpoint as third-party SaaS.
Risks we will not hide
Bangkok went from no competition to 20+ venues in eighteen months. Construction has run over on our flagship. Weather is a real revenue variable. Our answer to all three is the same and it is already working: convert variable court hours into committed, scheduled, subscribed play.
Sources: Strategic Growth Plan prepared for Sansiri (Sep 2026), Investor Update Aug 2026, PTP Bali Growth Strategy (Aug 2026), Setpoint platform records. FX: ฿43 = £1, Rp 21,500 = £1.
Appendix · notes on the data

What each number is, and what it is not.

  • Platform figures were queried directly from the production databases on 7 September 2026. Test and seed facilities are excluded throughout.
  • Value figures are gross booked value, from the booking and point-of-sale ledgers. They are not payment-reconciled: Setpoint does not yet take card payments online, so cash settlement is reconciled in the accounting system.
  • Rama IV till data begins 23 May 2026. Square ran the till until 21 August 2026, so platform POS figures understate the earlier period.
  • Academy revenue is list-price derived and modestly overstated, so it is excluded from every headline figure in this deck.
  • "Active in ninety days" is action-derived — booked, joined an event, played a match, or joined a community. It is not an app-analytics MAU; no session table exists.
  • Third-party clubs are described as operationally live, evidenced by bookings taken on the pull date. Commercial terms are not recorded in the platform and are not claimed here.
  • Community count is quoted as 38 to 52, being those with real membership or recent activity, rather than the 139 that exist.
  • Match volume is excluded from headline figures: results are entered on under 5% of matches, so the count measures creation, not play.
  • Player country is self-reported residence, not venue geography, and supports no claim about market presence.
  • Thailand OpCo projections are the model prepared for the Sansiri discussions, September 2026. Indonesia's 90-day figure is a target, not a forecast.
  • No capital is assumed. The Sansiri convertible note is in discussion, not committed, and is excluded from every figure in this deck.
  • FX throughout: ฿43 = £1, Rp 21,500 = £1.