Located on the outskirts of Dundee, Ballumbie Golf Course has been sold to a subsidiary of Knowe Properties Limited, a substantial Scottish-based property investment company.
Joint administrators Paul Dounis and Ken Pattullo of Begbies Traynor today confirmed the sale of the 18 hole golf course, with driving range and club house, which opened last year. Previously owned by Glacierlight Limited, Ballumbie Golf Course was placed into administration on 28 January 2011, but has continued trading and will still be managed by the leaseholders, Rebel Golf Courses.
In order to recover funds owed to creditors, the administrators sought a buyer for the 18-hole 127 acre course and its clubhouse facilities, and were approached by the purchaser who ultimately acquired title to the course and properties via a newly established company for an undisclosed sum.
Paul Dounis of Begbies Traynor said: “We can confirm that we have concluded the sale of the club in a relatively short period of time and we are happy that the existing employees of Rebel Golf Courses, who remain the tenants and will continue to operate the club going forward, will keep their jobs.
“The membership had grown quickly since its opening, and the business shows a great deal of promise with reduced debts and stable funding behind it.”
Ken joined the Glasgow office of Begbies Traynor in 2003, before overseeing the firm's expansion into further offices in Edinburgh, Dundee, Aberdeen and Belfast. He previously worked at KPMG, Ernst & Young and PricewaterhouseCoopers in Scotland. He has a broad range of experience in Corporate Rescue and Recovery, as well as in turnaround and restructuring, corporate and personal insolvency, investigations and IBRs.
Specialisms: Licensed trade, haulage, property investment/development, construction, agriculture engineering/manufacturing.