Wentworth Club has posted an operating loss of £2m for 2019, marking a significant improvement on its losses for the previous year, which were nearly three times that sum.
More efficient operational processes in cash management and purchasing, and strong interest in its debenture membership programme were cited as reasons for the ‘better than expected’ financial results, as the exclusive Surrey venue, which is owned by the Reignwood Group, pushes forward with plans to become a debenture-only members club.
For the year to 31 December 2019, Wentworth Club’s operating losses narrowed to £2m, from a loss of £5.8m in 2018.
Neil Coulson, who took over the role of general manager in May last year, said: “What pleases me most about these results is that while we have made significant progress in improving how the club is operated, we have also continued to add value to our debenture and enhance the overall membership experience.
“Going into 2020, we will continue the good work started last year and are forecasting further improvement in the financial performance at year end. In addition, we will continue the investment programme which has already seen more than £25m invested into the club since 2015, and have identified several projects for 2020. We believe we are now on track with our ambitious plan to make Wentworth one of the leading private member golf and country clubs in the world.”
The total debentures issued since the inception is around 400. New debentures are priced at £150,000, and entitle a family access to all of the golf and leisure facilities at the club. The recent introduction of new age categories, enabling three generations in a family to be members, has proved popular and is driving renewed interest in joining the club.
There is an interim target in place of 550 debentures, which the club is confident achieving in the next 24-30 months. Debenture sales in 2020 are showing similar growth rates, with the number issued significantly up year-on-year and this trend is expected to drive profitability towards breakeven in the next two years.