Date Published: 12th September 2019
Thirty jobs have been saved at Toft Country House Hotel and Golf Course in Bourne,
Lincolnshire following a pre-pack administration sale, led by business recovery specialists,
Begbies Traynor, to Giri Golf Limited.
As well as retaining the entire workforce, Giri Golf Limited has also acquired all of the assets
in the sale, which includes the leasehold of the 20-bedroom hotel and challenging par 71
golf course, with a club membership in excess of 300.
The sale was completed with the help of a team of advisers, including Deborah Nigh and
Neena Jakhu, from the restructuring and insolvency team at law firm Howes Percival, who
advised Begbies Traynor on the deal.
Marco Piacquadio from Begbies Traynor, who led the rescue process as Joint Administrator
with his colleague Julie Palmer, said:
“We are delighted to have achieved this sale. Not only has it saved the jobs of the entire
workforce, but it has also safeguarded the golf club members’ contracts ensuring there is no
disruption to their membership.
From the very first discussions, Giri Golf appeared to be an excellent fit for the business as
they already had experience in running similar leisure facilities across the UK and we have
every confidence they will be able to take it forward successfully. Key negotiations were held
with the secured creditor and landlords and consideration was also given to key suppliers
and club members’ requirements as part of the negotiation and sale process. Begbies
Traynor strive to promote the rescue culture and protect employees’ jobs wherever possible
and are so pleased to see such an outcome in this instance.”
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.