A Midlands golf club has been sold out of administration allowing members to continue to enjoy their sport.
Aston Wood Golf Club 2000 Ltd, Little Aston, an 18-hole championship course, designed by Peter Allis and Clive Clarke and constructed to USPGA standard, hit problems due to the prevailing economic difficulties.
An immediate disposal, organised by joint administrators Nigel Price and John Lowe, of corporate recovery group Begbies Traynor, preserved the jobs of 52 employees.
It also meant the big day of two wedding couples did not turn to tears – their receptions, together with certain other functions were honoured.
The club, opened in 1994, was run by Aston Wood Golf Club 2000 on a 99 year lease. The business and assets have been purchased by Aston Wood Golf Club Ltd, a company connected with the club’s landlords Struan Investments Ltd.
Mr Price said: “While the club has capacity to accommodate 800 members, tough market conditions and competition from other clubs in the local area, led to a fall in numbers. Membership for the current year had dropped to 648.
“This meant the company relied heavily on non-golf functions to generate additional income. Unfortunately, the bad weather in winter 2010 forced the cancellation of a number of key events, resulting in lost revenue.”
He said the cash flow constraints mean the club could no longer meet its rental and other overheads commitments. A number of factors combined to make it impossible for the club to be subject to a normal marketing process for sale.
Mr Price said: “Given the urgency involved, the sale was the best outcome which could have been achieved.
“Jobs were preserved, members are still able to play and two wedding receptions, which otherwise could not have gone ahead, were saved. It is a very lively club with a committed management team and we wish it every success in the future.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.