Wentworth to convert to debenture-only club

The home of the BMW PGA Championship, Wentworth, has said it will press ahead with plans to convert to a debenture-only club.

According to The Times, the club has reported operating losses in 2019 of £2 million, which compares with a loss of £5.8 million in 2018, and this has encouraged its Chinese owner, the Reignwood Group, to make the change.

Neil Coulson, who took over the role of general manager in May last year, said: “What pleases me most about these results is that while we have made significant progress in improving how the club is operated, we have also continued to add value to our debenture and enhance the overall membership experience.

“Going into 2020, we will continue the good work started last year and are forecasting further improvement in the financial performance at year end. In addition, we will continue the investment programme which has already seen more than £25 million invested into the club since 2015, and have identified several projects for 2020. We believe we are now on track with our ambitious plan to make Wentworth one of the leading private member golf and country clubs in the world.”

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New debentures are priced at £150,000, and entitle a family to access to all of the golf and leisure facilities at the club. The recent introduction of new age categories, enabling three generations in a family to be members, has proved popular and is driving renewed interest in joining the club, he added.

The total number of debentures issued so far is around 400. There is an interim target in place of 550 debentures, which the club is confident of achieving in the next 24 to 30 months. Debenture sales in 2020 are showing similar growth rates, it has been reported, with the number issued significantly up year-on-year and this trend is expected to drive profitability towards breakeven in the next two years.