Golf club’s future is saved
OWNER OF LEISURE RESORTS TAKES OVER AND SAVES STAFF JOBS
A SALE has secured the future of a golf club dating back to 1901.
Newark Golf Club, on Sleaford Road, Coddington, has been sold to Stellar Asset Management, which owns several golf clubs and leisure resorts.
Earlier this year, the club’s directors said they could not afford necessary improvements for the 18-hole course and clubhouse, which threatened its ability to continue without becoming insolvent.
The sale was completed on July 16, by Bob Maxwell and Rob Wasert Dymond of Begbies Traynor Group.
The sale has secured the jobs of 20 employees.
The deal will also deliver a significant dividend to the club’s 400-plus members.
Bob Maxwell, who leads the Leeds-based strategic options team for Begbies Traynor, said: “We are very proud of the outcome we have
achieved which benefits all parties.
“The key aspect of this project which enabled us to deliver such a positive outcome was the swift recognition of the impending financial issues by the directors.
“As they turned to us for advice at such an early stage, we were able to ensure that the club continued operating while we sought a solution which met the needs of the members and also enabled them to stay in control of the process.”
He continued: “By completing a sale, not only have we been able to safeguard the future of this historic golf club in the hands of an experienced new owner, but, uniquely, there will be a return back to members, as shareholders, once the creditors have been re-paid.
“It has also secured the jobs of the 20-strong team at the club.
“This was a very unusual sale due to the pay-out of a dividend to shareholders, and was only possible due to the members and committee taking swift action before an insolvency became inevitable.” Mr Maxwell added: “It is a challenging time for many sports clubs of this type, but with early intervention, we can ensure a process that keeps the club in control of the sale process and ensures safe stewardship for the future.”
The golf club has a 4.5 out of 5-star rating on Google, with dozens of positive reviews.
One person described it as a “beautiful course” with greens which are “very well kept”.
They added: “Clubhouse and pros shop are brilliant and extremely helpful, food is very good and excellent value, got to give the place 100 percent value for money and excellent customer service.”