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 · OpenRally open protocol · The Padel Society player app
Live
60%
PTP Indonesia
Bali · 5 courts operating since July 2026
Live
50%
PTP Thailand
Bangkok + Phuket · 1 club live, 3 in build, 1 contracted
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.
Bangkok's July 2026 dip, and the recovery to 74% all-hours occupancy within weeks of pushing academy and community programming, is the thesis under pressure.
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
How the group operates
Three pillars, in every part of the business.
Lifestyle
The club as a third place. Programmed community rather than a booking form: 3,367 events hosted, 29,609 attendances, and community brands that meet weekly. Food and drink took 22% of Bali's first month. It is why a player arrives, and why they come back on a Tuesday.
Technology
We own the customer record. Every booking, lesson, level, match and till spend across two countries and two currencies runs through software the group owns, from the club operating system to the open protocol to the player app. Two clubs we do not own run on it too.
Performance
A reason to improve. A coaching ladder from a first lesson to a competition squad, a rating standard adopted in July, and our own championship series. Coaching outsold court hire in Bali's first month and pulled Bangkok's occupancy back after twenty venues opened.
Why all three, and not one
These are normally three separate businesses run by operators, engineers and coaches, and in each one the other two are a cost centre nobody funds. Performance without lifestyle is a training centre, and the player leaves once the goal is met. Lifestyle without performance is a bar with courts. Technology without either is a marketplace taking a cut of demand it does not own.
How they compound
Community acquires the player cheaply. The academy monetises them deeply and turns a weather-exposed court hour into a monthly subscription. The platform keeps the record that makes them stay, and makes the next market cheaper to enter than the last. Each pillar had to exist before the others could pay for it, which is what makes the combination hard to assemble.
The proof · Bangkok, three courts
Two years of operating data.
Peak platform court month
฿1.26M
Oct 2025 · delivered bookings, Thai clubs on the platform
Peak all-hours occupancy
74.6%
Feb 2026 · three courts
Academy revenue · Aug 2026
฿600k+
Highest month yet, first month of the subscription model
Lessons delivered · Rama IV
2,430
Since Mar 2025 · 4,341 enrolments booked
Prime-time occupancy · latest week
89.2%
Weekday 17–21 and weekends · up from a 72.5% July average
All-hours occupancy · now
74%
08:00–23:00 · recovered from the July trough as academy and community programming took hold
September court hours pre-booked
60%
At the end of August, before the rainy season ends
Court value and lessons are platform-recorded delivered bookings, queried 7 September 2026. Occupancy and academy figures are from the August 2026 investor update.
The academy · the performance pillar
Coaching turns court hours into subscriptions.
Academy enrolments · Aug 2026
309
An all-time record against a prior peak of 194 in July 2025
Level squads live
7
Iron A to Gold B, created late July 2026, 27 members today
Subscriptions sold since July
52
฿4,500 to ฿14,500 a month · 23 active today
Coaching roster
FIP 79 · 84
Career-best world rankings on the roster, plus A1 Padel #25 competing today
The Spanish model, installed
Spanish academies run one ladder from a first lesson to a competition squad, and that is where professionals come from. We wrote the method down and installed that ladder across seven levels in July 2026.
Who is on court
Career-best world rankings of 79, 84 and 109 sit on the roster, one coach competes today at A1 Padel number 25, and two took the PRO title at our own Bangkok Grand Slam in January.
What is not built yet
There is no junior or age-group route, and the platform records no progression data on students. Both are needed before we can evidence development outcomes rather than volume.
Enrolment and subscription counts queried from production on 7 September 2026; enrolments are bookings, not attendance. Rankings from official FIP and A1 Padel profiles. We are building the most structured academy programme we know of in Southeast Asia, and we have no competitor benchmark for that.
Current pipeline · contracted
Six sites. Twenty-four padel courts, one pickleball court.
| Site | Market | Courts | Position | Status | Opens |
|---|---|---|---|---|---|
| Bali | Indonesia · 60% | 5 | Premium expat & tourist | Trading | Live since Jul 2026 |
| Rama IV / Khlong Toei | Bangkok · 50% | 3 | Urban flagship | Trading | Live |
| Cloud 11 | Bangkok · 50% | 2 + 1 pickleball | Mixed sport · central kitchen | Fitting out | Soft open 15 Sep · full open Oct 2026 |
| Thonglor | Bangkok · 50% | 6 | Flagship · air-conditioned | In build | Q1 2027 |
| Rawai, Phuket | Thailand · 50% | 4 | Tourist & expat | Underway | Q1 2027 |
| Bangna | Bangkok · 50% | 4 | Suburban | Contracted | Jul 2027 |
| Total by mid-2027 | — | 25 | 24 padel + 1 pickleball | — | — |
Rama IV · Bangkok
Canggu · Bali
The academy
Thonglor is running 35% over budget: heavier micropiling forced by ground conditions, plus a 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: profitable from its first month,
with most of its levers still unpulled.
| Month one · 30 Jul to 30 Aug 2026 | Rp m | Share |
|---|---|---|
| Academy | 181.7 | 37% |
| Court hire | 156.4 | 32% |
| Food and drink | 108.8 | 22% |
| Retail and rental | 34.3 | 7% |
| Community events | 5.7 | 1% |
| Other | 3.2 | 1% |
| Total revenue, month one | 483.9 | ≈ £22.5k |
Setpoint till, 1,084 orders, five courts, zero marketing spend. Every line queried from production on 7 September 2026 and reconciled against the booking calendar, so court time is counted once. The academy outsold court hire in the club's first month with no packages, no pre-sale and no academy structure in place.
Profitable from month one Unaudited
The club covered its operating costs in its first month of trading, before any of the levers below were pulled.
Room to improve
Court occupancy around 15% against Bangkok's proven 74.6%. Camps and retreats, the lever Bangkok never had, have not started. Community events took Rp 5.7m, so that engine has barely begun. A large affluent expat base and year-round sports tourism sit around the club.
Day-90 target Plan
Rp 1.5B/mo · ≈ £70k
Modelled by end of November 2026: academy Rp 520m, courts Rp 380m, camps and retreats Rp 350m, community Rp 170m, food and retail Rp 80m.
Bali opened at four to five times Bangkok's per-court launch rate. Launch comparison and the five-engine plan are in the Bali Growth Strategy, August 2026.
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, point of sale and an iPad staff till, business reporting. Multi-tenant and multi-facility: one instance runs every club in the group and every club outside it.
Layer 2 · OpenRally
The open booking and competition layer between clubs and apps. Any app can read availability, hold a slot and confirm a booking through a public, key-authenticated API, and run tournaments and rankings on top. Deliberately consumer-agnostic: it does not know who is calling. Live at openrally.co, three months in production, two credentialed API consumers, 15 tournaments and 396 matches run through it.
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 API boundary matters
The player app has no privileged access to the club software. It goes through OpenRally like anyone else. 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.
Two years in production
Live since August 2024 and shipping continuously. It has taken 26,356 delivered bookings, 2,660 lessons and 2,619 till transactions without an operational rewrite, across four clubs and two countries.
The platform · the product itself
The product, as it runs today.
Setpoint · the club operating system
The Padel Society · live app, Bangkok, 7 Sep 2026
Left: the admin the clubs actually run on, taken from getsetpoint.io: a live Bangkok court calendar with occupancy, the booking flow at ฿1,400, a customer record with wallet, membership and spend. Right: the app recorded on 7 September 2026 against production, located in Bangkok: Explore, the Sabai Sabai community and its rankings, this week's events, open matches at Bangkok venues, competitions, and the community feed.
The platform · in numbers · verified 7 Sep 2026
What the software has actually processed.
Gross booked court value
£671k
฿28.4m + Rp 219m of delivered bookings 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 across all clubs on the platform, since Mar 2025
Till orders
2,619
฿1.16m + Rp 686m through the till since May 2026, including court fees settled at the desk
Lesson packages sold
177
All clubs on the platform · academy subscriptions launched Jul 2026
API keys & webhooks
32 · 30
Integrations and apps on OpenRally's public API, including our own
Live clubs · courts
4 · 17
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. Court value is gross booked value from the bookings ledger, not payment-reconciled cash: Setpoint does not yet take card payments online, so court fees are largely settled at the till and reconciled in the accounting system. Till orders therefore overlap with court value and are not added to it. Academy revenue is list-price derived and shown separately.
The platform · twelve months of throughput
A stable Bangkok base, and Bali arriving.
Thailand · all clubs on the platform · monthly delivered court bookings, THB millions
Bali · IDR millions
Opened 28 July. September is seven days only.
Delivered bookings only, Rama IV plus the third-party clubs from May 2026. The February to April softening is hot season and Songkran compounded by 20-plus new venues in Bangkok; the July trough is the rainy season with competitors now open; August recovers to ฿1.15m as academy subscriptions and community programming take hold.
Bali's till has taken Rp 686m since 30 July against Rp 219m of court bookings; court fees are settled at the till, so the two overlap and are not added together anywhere in this deck.
The platform · third-party clubs
Two clubs we do not own take their bookings
on our software today.
| Club on the platform | Location | Courts | Delivered, 90d | Forward slots | Last booking taken | Status |
|---|---|---|---|---|---|---|
| WareHaus Club | Phuket | 5 | 459 | 252 | 7 Sep 2026 | Live on Setpoint, growing |
| Hua Hin Padel Center | Hua Hin | 4 | 334 | 128 | 7 Sep 2026 | Live on Setpoint |
| Pad Thai Padel · Rama IV | Bangkok | 3 | — | — | — | Group-owned |
| Pad Thai Padel Bali | Badung, Indonesia | 5 | — | — | — | Group-owned |
WareHaus Club · Phuket
Hua Hin Padel Center
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 also runs its academy and its till on Setpoint; Hua Hin runs courts only. This is multi-tenant operation under real load.
What it is not, yet
Neither was sold to: there is no pricing page, no sales motion and nobody selling Setpoint. Both are on terms to be stated. The Thailand projections in this deck include no software revenue and no intercompany licence fee, so an investor underwrites the clubs and is not paying for the software line.
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 · counted conservatively
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, and this layer produced 7,810 event attendances in the last 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 · steady-state model
Five clubs, nineteen padel courts, at steady state.
| Model year | Revenue (THB m) | EBITDA (THB m) | Margin | Holdco 50% share (£) | Note |
|---|---|---|---|---|---|
| Y0 · ramp | 23.1 | (15.0) | — | — | One club, 2025 |
| Y1 | 142.9 | 43.0 | 30% | £0.50m | First year with all five clubs open |
| Y2 | 147.9 | 45.0 | 30% | £0.52m | |
| Y3 | 153.1 | 47.1 | 31% | £0.55m | Run-rate |
| Y5 | 164.0 | 38.8 | 24% | £0.45m | Renovation year: closure and refurbishment costs compress margin |
| Y7 | 175.7 | 56.4 | 32% | £0.66m | Owned estate at maturity |
Model years, not calendar years
The growth plan prepared for Sansiri dates Y1 as 2026. On the current opening schedule, with Thonglor and Rawai in Q1 2027 and Bangna in July 2027, Y1 economics arrive in 2028. Today the OpCo operates one club; the model assumes five.
What the model excludes
The F&B expansion and central kitchen, any software revenue or intercompany licence fee to the holdco, the JV clubs on the next slide, and Indonesia entirely.
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, at ฿43 = £1.
Potential pipeline · asset-light
Fifteen Thai locations by 2032, with no further
group capital in the JV layer.
The JV template
The partner provides the space and the capital. The Thai OpCo provides the brand, the platform and the team, and holds a 40% stake in each JV club. Template club: four courts, 58% occupancy, THB 1,100/hr, plus F&B, coaching and wellness. The growth plan books roughly THB 8–10m a year per club to the OpCo from that stake, with no OpCo capital deployed.
| Year | New JV clubs | Cumulative | Courts |
|---|---|---|---|
| 2028 | +2 | 2 | 8 |
| 2029 | +2 | 4 | 16 |
| 2030 | +2 | 6 | 24 |
| 2031 | +2 | 8 | 32 |
| 2032 | +2 | 10 | 40 |
| Year | OpCo rev | JV rev | Combined | Combined EBITDA |
|---|---|---|---|---|
| 2027 | 147.9 | — | 147.9 | 45.0 |
| 2028 | 153.1 | ~18 | ~171 | ~50–53 |
| 2029 | 158.5 | ~36 | ~195 | ~57–62 |
| 2030 | 164.0 | ~54 | ~218 | ~60–67 |
| 2031 | 169.8 | ~72 | ~242 | ~72–82 |
| 2032 | 175.7 | ~90 | ~266 | ~83–95 |
THB millions, as modelled in the growth plan prepared for Sansiri. The JV layer accrues to the Thai OpCo, of which the holdco owns 50%. Brand, marketing and management are already carried by the owned estate, so the incremental cost per JV club is the club team itself.
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
Potential pipeline · the region
The region, and where the platform goes next.
Thailand & Indonesia · operating
Group clubs in Bangkok and Bali, with three more Thai sites opening by mid-2027. Third-party clubs in Phuket and Hua Hin already run on the platform.
Jakarta · inbound In discussion
Inbound interest from established local partners off the back of Bali. Indonesia is the largest market in the region; the entry would be partner-led on the JV template, with the partner holding the site and the capital.
Malaysia · next market Partner-led
Entered with a local partner rather than an owned build, on the same template: they bring space and capital, we bring the brand, the platform and the operating team.
Gallop · partner on the app side
Gallop Global organise the Dubai Premier Padel P1 with the Dubai Sports Council and the UAE Padel Association, an event that drew 24,000 spectators in 2024. They are our partner on the business-development side. The relationship places the group next to the top of the professional game rather than only the recreational one, in the markets where we already run the clubs and own the platform.
World Padel Rating · rating partner
Partnership with World Padel Rating, the official rating system of the United States Padel Association and Padel Association of Canada. OpenRally adopted the WPR scale in July 2026 and holds partner API access. Rating is the layer that makes matches fair, ladders meaningful and competitions comparable across clubs and countries.
Every item on this slide is a live conversation, not a signed agreement. They are shown as the shape of the opportunity around the contracted estate, not as forecast.
Partners · what we have been able to close
Sizeable counterparties, closed by a small team.
| Partner | Who they are | Relationship | Status |
|---|---|---|---|
| Cloud 11 · MQDC | A 250,000 sqm mixed-use creative district in south Sukhumvit, Bangkok, developed by MQDC, a DTGO company, with over THB 20bn invested. Opened July 2026. | Venue partner: our next Bangkok club sits inside the development | Signed |
| Gallop Global | Dubai sports and events company. Organisers of the Dubai Premier Padel P1 with the Dubai Sports Council and the UAE Padel Association, which drew 24,000 spectators in 2024. | Business development partner | Signed |
| Bina Nusantara | Indonesia's top-ranked private university group, QS 2026. Eight university campuses and five schools, around 51,000 students and 150,000 alumni. | Club joint venture in Indonesia, with the group as operator | Term sheet |
| World Padel Rating | The official rating system of the United States Padel Association and the Padel Association of Canada, used by 50-plus clubs. | Rating partner: our protocol layer adopted the WPR scale in July 2026 | Live |
| Erawan Group | SET-listed Thai hotel owner and operator. 106 hotels and 12,578 rooms including Grand Hyatt Erawan Bangkok and the HOP INN chain, with FY2025 revenue of THB 7.9bn. | Site partner for a Bangkok club | In progress |
Why this matters more than the logos
A padel operator with three courts does not usually get an operator agreement inside a THB 20bn development, a term sheet with a 51,000-student university group, or the rating standard adopting its protocol. These were closed by a small team, on the strength of the operating record rather than a balance sheet.
What each one opens
A developer relationship is the template for the asset-light JV layer: the partner brings the site and the capital. A university group is a pipeline of players and a campus footprint across Indonesia. The rating standard and the Premier Padel organisers connect the recreational business to the professional game.
Commercial terms are not shown. Status reflects what is executed as at September 2026.
Why now · why us
What we are asking a UK investor to underwrite.
- The model has run for two years. Three courts in Bangkok reached 74.6% occupancy and ฿1.26m of court bookings in a month. Bali opened at four to five times Bangkok's per-court launch rate.
- The estate is contracted. Six sites and twenty-five courts are signed or in build. Thonglor's overrun and the balance of the programme are a use of this round.
- 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 clubs on it. £671k of gross booked court value, 17,921 registered players, and two independent Thai clubs that we never sold to. The Thailand projections carry no software revenue.
- We close sizeable counterparties. An operator agreement inside Cloud 11, a signed agreement with the Dubai P1 organisers, a rating partnership with World Padel Rating, a term sheet with Indonesia's leading private university group, and a THB 30m note in discussion with Sansiri. None of it is capital in the bank, and none of it is assumed 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
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 mitigation for all three is the same: convert variable court hours into committed, scheduled, subscribed play, which is what August's numbers show starting to work.
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.
- The Setpoint till ran in parallel from 23 May 2026 and replaced Square on 21 August 2026. Till figures include court fees settled at the desk and are never added to court value.
- Academy figures come from the August 2026 investor update (subscription revenue) and are shown separately from court value; platform academy totals are list-price derived and not used.
- "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 live on Setpoint, evidenced by bookings taken through it on the pull date. Their commercial terms are stated on slide 11 and are not modelled anywhere.
- 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 steady-state model prepared for the Sansiri discussions, September 2026, in model years rather than calendar years. They carry no software revenue or intercompany licence fee. 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.