Last week’s GBN report that that Young Masters Golf Ltd would be put into administration on Tuesday 21st April, unless a buyer for the company could be found, was one of the most widely read stories that Golf Business News.com has ever published.
There was international interest and we understand that many prospective purchasers, alerted by our story, contacted the putative administrator, Mr. Laurence Russell, Head of Insolvency at accountants Albert Goodman who are based in Taunton, Somerset, intending to prepare serious offers to take over the business.
With the most recent published YMG Ltd accounts being for the period ended 31st December 2007 it is understandable that any interested parties would wish to do some home work before putting in a firm bid. Sadly for them, however, there was insufficient opportunity for them to do so before the deadline.
GBN has been reliably informed that the business has now been sold to a former YMG Ltd director, who is believed to have resigned from this position just a few weeks ago. Indeed the bid from this person and his associates is understood to have been the only one received within the time allowed.
An official announcement has yet to be made, so at this moment there is no clarity about the new ownership of the company or the new status of its creditors, directors or shareholders.
GBN will publish this information as soon as it is received.
Young Masters Golf www.ymg-golf.com