Golf club owner rescued Yorkshire venue with £320k investment

Alistair Dunsmuir
By Alistair Dunsmuir July 23, 2020 06:27

The person who rescued a historic Yorkshire golf club, which was on the verge of closing down, already owned a UK golf club and paid £320,000 to save it, it has emerged.

Earlier this month Leeds Golf Club, which dates back to the 19th century, was saved, securing the jobs of 10 employees and its future.

Now, TheBusinessDesk.com has revealed that the club was saved thanks to the owner of Overstone Park in Northamptonshire paying the amount to save the club.

Kirk Andrews was able to agree to a deal that was executed through a pre-pack administration, which generated a “significant sum” for the lease, which could have been forfeited. It also enabled existing suppliers the opportunity to continue to trade with the club.

The website says the golf club’s problems can be traced back to 2002, when it paid £1.17 million to buy out its £4,000-a-year ground rent. This created a debt that meant the club has survived on members’ donations.

Overstone Park

By earlier this year a sale had become necessary, but the company structure meant that all 380 members had to approve any sale, and by late May a solvent sale was no longer possible.

A deal was agreed with Kirk Andrews a few days later, after the club appointed Lee Lockwood and Bob Maxwell from Begbies Traynor as joint administrators, which meant avoiding the need to get the unanimous approval of members.

Lee Lockwood

The club’s articles say any full member over 25 should contribute five guineas to the failure, which is about £1.05.

Secured creditor Clydesdale Bank will receive £201,000.

Alistair Dunsmuir
By Alistair Dunsmuir July 23, 2020 06:27
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1 Comment

  1. Shropshire Lad July 23, 12:06

    Land valued at £1.17 million + Clubhouse with fixtures and fittings. Paying just £320k seems a very shrewd investment. Not so much a saviour, more a savvy businessman. Now a proprietory club so good luck to him.

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