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Two Irish clubs appoint receivers

12.17am 16th February 2009 - Courses

In the last few days receivers have been appointed at the Tulfarris Golf Resort and Blarney Golf Resort

Tulfarris House and Golf Resort in Co Wicklow is due to reopen next month after major refurbishment but Allied Irish Bank (AIB) has appointed Grant Thornton as receivers to protect its lending, thought to be around about €25 million. www.tulfarris.com

The Resort’s management has said that the re-opening of the club will take place as planned and the business will continue to trade while a new investor is sought.

Blarney Golf Resort in Co Cork is a completely different business to Tulfarris but the banker is also AIB. In this case the lending is understood to be around €20 million.

Blarney is also continuing to trade. The Resort comprises a championship golf course designed by John Daly, dozens of holiday cottages and a four-star hotel and conference centre.

PricewaterhouseCoopers in Dublin is acting for the Bank and is thought to be seeking an early sale of the business. www.blarneygolfresort.com

       

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