A group of investors led by Carr Golf, Ireland’s leading golf services provider, has announced the acquisition of Seapoint Golf Links in Dublin.
The deal, which was finalised on October 22, wipes out €3.6m of legacy property debts owed by the club to US fund manager Cerberus. Cerberus had acquired the loans from AIB, which originally put up the money for the club to carry out clubhouse improvements and other projects in 2007. However, the club was unable to meet its repayment commitments following the financial crash in 2008.
Carr Golf Services had been managing the course, which was effectively insolvent with a deficit of close to €3.6 million on the balance sheet of a linked company, Termonfeckin Limited. This company asked the Carr-led group to submit restructuring proposals in July. This was subsequently put to a meeting of members of the club for a vote in September, with 61% agreeing for the sale to go through.
The completion of the sale discharges the debts and will see an injection of new capital to enhance and improve Seapoint Golf Links, which currently boasts 800 members. The investment will include new machinery, clubhouse refurbishment and upgrades to the golf course, protect local employment and provide opportunities for local junior talent and caddy programmes.
Speaking on behalf of Carr Golf, and its investment partners Genesis Links Holdings, Alex Saul commented: “Our vision is to help build a thriving, vibrant members club that offers a high-quality links course with world-class service standards, enjoyed by its members and international guests. We will be providing much needed investment to improve the experience for members and guests to the links.”
Jim McMorrow, Chairman of Seapoint Golf Links, said: “In 2019, we engaged Carr Golf to support the club in the management and maintenance of our course and club. Earlier this summer we invited a proposal from Carr Golf – comprising clearing our legacy debts, fresh investment in the facilities and continued playing rights for our members – that was supported by the members at an EGM in September. We can now all look forward to a period of much-needed investment in the golf course and facilities that will enhance the member experience for many years to come.”
An agreement between the new owners and the club provides for members’ rights, competitions, tee sheets, committee roles and responsibilities, guest rates and playing rights.
Seapoint Golf Links, whose course was co-designed by former tour professional Des Smyth, was originally founded in the early 1990s by a group of local business people, before later being sold to its members.