Lincolnshire golf club secures its future

Alistair Dunsmuir
By Alistair Dunsmuir October 2, 2019 08:14

A golf club and hotel in Lincolnshire has had an uncertain future secured and jobs have been saved after a pre-pack administration sale was agreed.

According to Inside Media, this means 30 jobs have been saved at Toft Country House Hotel and Golf Course.

‘The deal with Giri Golf and was led by Begbies Traynor,’ states the website.

As well as retaining the entire workforce, Giri Golf has also acquired all of the assets in the sale, which includes the leasehold of the 20-bedroom hotel and par 71 golf course, with a club membership in excess of 300.

The sale was completed with the help of a team of advisers, including Deborah Nigh and Neena Jakhu, from the restructuring and insolvency team at law firm Howes Percival, who advised Begbies Traynor on the deal. The new owner is Jon Graves.

Marco Piacquadio from Begbies Traynor, who led the rescue process as joint administrator with his colleague Julie Palmer, said: “We are delighted to have achieved this sale.

“Not only has it saved the jobs of the entire workforce, but it has also safeguarded the golf club members’ contracts ensuring there is no disruption to their membership.

“From the very first discussions, Giri Golf appeared to be an excellent fit for the business as they already had experience in running similar leisure facilities across the UK and we have every confidence they will be able to take it forward successfully.

“Key negotiations were held with the secured creditor and landlords and consideration was also given to key suppliers and club members’ requirements as part of the negotiation and sale process.

“Begbies Traynor strives to promote the rescue culture and protect employees’ jobs wherever possible and we are so pleased to see such an outcome in this instance.”

 

Alistair Dunsmuir
By Alistair Dunsmuir October 2, 2019 08:14
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