Global Edition

Clubhaus announces German disposals

2.00pm 14th October 2002 - Property

Clubhaus PLC this morning announced the disposal of its German clubs, comprising Hof Trages Golf Club, Frankfurt; Là¼dersburg Golf Club, Hamburg; Nippenburg Golf Club, Stuttgart; Tutzing Golf Club, Munich; and the Seeburg site, Berlin.

Today’s announcement is in line with the group strategy outlined in the interim results announced on 28th June 2002, which stated that non-core assets would be disposed of to reduce gearing and improve the prospects for future growth and development of the company. The German clubs did not fall within the core focus of the group, which, following the strategic review of the group’s facilities, is to focus on the successful UK country club format.

All five assets have been acquired jointly by two German companies, AS Là¼dersburg Beteiligungsgesellschaft mbH and CS Beteiligungsgesellschaft mbH , for a total consideration of £0.4 million in cash, with the purchasers assuming a further £5.0 million of liabilities. In addition, Clubhaus will retain shares with a par value of 1.0 million Euros, will be released from its guarantee with regard to a 3.3 million Euros loan from a local bank and will be relieved of approximately 2 million Euros of future obligations with regard to the Seeburg project. Proceeds from the sale will be used to reduce group bank borrowings.

In the nine months ended 30th September 2001, the loss after interest but before tax and exceptional items attributable to the assets and business being disposed of was £0.6 million from a turnover of £4.0 million. These numbers have been extracted from the audited accounts of Clubhaus for the nine months ended 30 September 2001. As at 30th September 2001 the gross book value of the business and assets sold was £7.9 million.

Alexander Baron Von Spoercken, who was a director of Clubhaus until May 2002, is a shareholder of the two companies that have acquired the German businesses and is also the freeholder at Là¼dersburg Golf Club. Having consulted with KBC Peel Hunt Ltd, the company’s nominated adviser, the directors consider that the terms of the transaction are fair and reasonable insofar as the company’s shareholders are concerned.

Clubhaus anticipates that the programme of disposal of non-core assets will be completed within the current financial year.

Clubhaus plc www.clubhaus.com

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