Date Published: 5th April 2011
Craibstone Golf Centre on the outskirts of Aberdeen has been sold to Bucksburn-based businessman Charles Marshall.
Liquidators Ken Pattullo and Paul Dounis of Begbies Traynor confirmed the sale of the 570 member golf course that was owned by London & Scotland Golf Courses Ltd and was placed into provisional liquidation in December owing more than £500,000 to creditors.
In order to recover funds owed to creditors, the club had been marketed widely by the joint liquidators, who had appointed property agents Savills to seek buyers for the 18-hole 127 acre course and its clubhouse facilities that were valued at over £450,000.
Mr Marshall has acquired the club that was forced to close its doors due to a lack of funds and the loss of key operational personnel, for an undisclosed six-figure sum.
Paul Dounis of Begbies Traynor said; “We can confirm that we have concluded the sale of the club to Mr Marshall and we understand he is already making plans to reopen the course under new ownership. How many of the staff that lost their jobs will be employed by the new business remains a question for Mr Marshall, but it is his intention to reopen the club very soon.”
“We received several offers for the club over the past weeks and we have all worked hard to push through the required legal process as quickly as possible. That a prominent local businessman has taken the reins with the resources and a firm foundation to operate the business without the debts that had mounted under previous ownership is good news for its members.”
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.