Alastair Massey and Steve Stokes, partners at FRP Advisory, the business advisory firm, have been appointed as joint administrators to Astbury Estates Limited (“Astbury Estates”), Astbury Hall LLP (“the LLP”), Astbury Development Company Limited, (“Astbury Development”) and Ken Downing Limited (“Ken Downing”), collectively known as “the Estate” and which owns and operate the Astbury, the Shropshire-based stately home, golf course and related corporate hospitality business.
The joint administrators continue to trade the Estate, including the running of the Astbury golf-course and Astbury Hall, while seeking new owners to ensure a long term solution to the business and lands in the interest of creditors and encourage interested parties to make early contact.
After years of successful management as a popular leisure pursuits business, recent tougher economic times within the wider corporate hospitality market has put unsustainable pressure on the cash-flow of the Estate under its current financial structure. The appointment of joint administrators at FRP Advisory provides the Estate with the cushion needed to allow the business to continue to operate as normal while the business and its assets are marketed for sale.
The Astbury is a popular par 71, 18-hole championship golf course used by both professionals and amateur golfers and sits within over 300 acres of land belonging to the Estate. The course is currently ranked within the top three courses in the UK according to golfshake.com.
Astbury Hall is a Georgian designed stately home located close to Chelmarsh in Shropshire. Originally built during the reign of Henry III in the 13th Century, the building was destroyed by fire in 1889, and the present Astbury Hall was rebuilt in 1891 by the mayor of Bridgnorth Edmund Southwell. The Astbury is often hired out corporate or charity golfing events and can provide catering to accommodate up to 150 guests in a marquee or 60 within Astbury Hall’s dining rooms.
The joint administrators have retained all staff employed by the Estate to ensure it continues to serve the customers associated with Astbury Hall and the Astbury golf course, while continuing to manage the Estate as a going concern, and while seeking new owners to ensure a long-term solution to the business, the Hall, golf course and associated lands.
Alastair Massey, joint administrator and partner at FRP Advisory, said: “Astbury Hall is a finely preserved, working English stately home steeped in history and the Astbury is a top notch, uniquely designed golf course, stretching across more than 300 acres of rolling Shropshire countryside. The administration process provides a cushion for the Estate to run as normal while the business, including this historic house, the associated golf course and events business are all marketed for sale. We encourage interested parties to make early contact.
The Estate will continue to run as normal through the administration process and the number of bookings which the Astbury continues to make is a testament to the popularity of the Hall, the golf course, its grounds and the catering on offer, all supported by its professional team of staff.” Contact – Morgan Rossiter: frp@morganrossiter.com
FRP Advisory http://www.frpadvisory.com/