Legal & General Ventures (“LGV”) announces the sale of The Club Company Limited ( “The Club Company”) for £96m to Boundary.
The Club Company is one of the UK’s leading golf and country club operators. It operates 11 golf and country clubs, including The Warwickshire, Castle Royle, near Maidenhead and Nizels, near Sevenoaks. The clubs are predominantly freehold or long leasehold. The country club format offers members a full range of facilities including golf courses, gyms, swimming pools, spas, sauna, health & beauty, crèche and function rooms
LGV acquired The Club Company for £57m in a public-to-private transaction, when it took Clubhaus plc off the market in May 2004, backing the incumbent management team. Since then LGV has supported the business in the development of new health and fitness facilities at Chartham Park, The Warwickshire and Benton Hall.
Commenting on the deal, Bill Priestley, managing director of LGV said, “We are delighted with our investment in The Club Company. When we acquired the business, we were attracted by its high quality asset base, its differentiated product and the opportunity to undertake new developments at several of its sites. Working with a first class management team, we have successfully developed the business along these lines and we wish them and Boundary every success in the future.”
This marks the end of a busy few days for LGV within the leisure sector, during which it has undertaken three transactions with a total value of more than £540m. LGV has acquired South Lakeland Caravans, the leading lodge and caravan business in The Lake District, realised its investment in Vue Entertainment, the UK cinema business and now sold The Club Company.
Boundary is a private investment group which has significant interests in corporate and property activities. Boundary’s investment strategy is to hold and develop for the long term.
Thierry Delsol, managing director of The Club Company commented, “Based on the solid foundations we have established under the period of Legal & General Ventures ownership, we are looking forward to continuing to develop our business with Boundary over the long term.
“Our aim has always been to offer our members wonderful facilities and an excellent experience in our clubs. Boundary is committed to supporting the Company in this quest. The combination of high quality assets, a fully dedicated team and the financial support of a new investor will enhance the success of The Club Company.”
The Club Company www.theclubcompany.com