In May 1999 Clubhaus completed a £90 million refinancing, which included the issue of £50 million 12.875% Senior Notes due 2009. Under the terms of these Senior Noted, Clubhaus, the leisure group which is now the leading quoted European golf course operator and manager of health and fitness facilities, is now required to report results quarterly.
Highlights for the quarter included turnover up 44% to £9.9 million and profit on ordinary activities before taxation up 35% after an increased interest charge of £553,000.
At 30th September 1999 net debt was £45.2 million (1998: £21.4 million), following the May 1999 issue of £50 million Senior Notes due 2009. Clubhaus has in place a £40 million revolving credit facility with a medium term loan option available from Barclays Bank. At 30th September 1999 this was undrawn.
The number of rounds played on group courses increased to 243,000 – a like-for-like increase of 13%. The group has launched a new web site and the Clubhaus magazine.
In October 1999 the £12.2 million acquisition was completed of Mentmore Golf & Country Club, Mapledurham Golf &Health Club and Chelsfield Lakes Golf Centre.