Global Edition

Payout for Oxfordshire creditors

12.10am 2nd December 2002 - Corporate

Alan Bloom and Alan Lovett of Ernst & Young, the joint administrators of Nitto Albion plc and Nitto (Oxfordshire) Ltd, the developers and former owners of The Oxfordshire Golf Club, have announced the results of their work on behalf of the creditors.

In July the golf club, located just off the M40 motorway near Thame, was sold through HLL Humberts Leisure to Leaderboard Golf for an amount undisclosed but now believed to be around £5.5 million.

Leaderboard Golf’s portfolio of golf courses includes Chart Hills Golf Club, Kent; Dale Hill Golf Resort, Sussex; and Sandford Springs Golf Club, Hampshire.

Development of The Oxfordshire was largely funded by the sale of debentures to the founder members. Approximately 480 people paid up to £30,000 each as a way of gaining membership of the club but with the additional requirement to pay an annual subscription as well.

Debenture holders will see a return of around £7,500 and other creditors will receive 25% of whatever they are owed.

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