Global Edition

Receivers appointed for Open Golf Centres

9.05am 2nd December 2002 - Corporate

Andrew Stoneman and Paul Clark of Menzies Corporate Restructuring (MCR) announce that they have been appointed administrative receivers to Open Golf Centres Limited, which runs two golf centres, one based in Leicester and one in Christchurch, near Bournemouth.

The newer of the two golf centres opened in Leicester earlier this year. Both centres are open for business as usual for members and pay and play customers.

Andrew Stoneman says, “Both centres offer great facilities for the golfing enthusiast. The Christchurch centre offers a state of the art driving range with 60 heated bays, real target greens and floodlit fairways, 9 hole and 18 hole courses and conference facilities. I am confident that we will find a buyer for both centres.”

He continued, “Delays in the construction of the Christchurch course saw the centre open later than planned and the final cost was way in excess of the original budget. The knock-on effect was that the second tranche of equity funding was not secured, thus the company was not financially viable.”

MCR is the corporate restructuring and turnaround division of Menzies Chartered Accountants. It was formed in April 2001. Specialist sectors include nursing and residential care homes, hotels, leisure, the Internet, e-commerce, automotive, telecommunications, manufacturing and construction.

All enquiries should be directed to either Paul Williams or Mark Newton of MCR on 020 7291 9750.

MCR www.menzies.co.uk

Open Golf Centres www.opengolfcentres.co.uk

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