Global Edition

Clubhaus sells Spanish asset

11.30am 22nd July 2002 - Property

Clubhaus PLC has disposed of the business and assets of El Bosque Golf Club for £6 million.

The company’s announcement is in line with its strategy, outlined in the interim results announced on 28 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. El Bosque did not fall within the core focus of the group which will focus on the UK ‘country club’ format.

El Bosque has been sold to a consortium of Spanish businessmen for a total consideration of £6 million in cash. Proceeds from the sale will initially be used to reduce Group bank borrowings.

In the nine month period ended 30 September 2001, the profit after interest but before tax and exceptional items attributable to the assets and business being disposed of was £0.05 million from a turnover of £1.68 million. These numbers have been extracted from the audited accounts of the company that owned and operated the club for the period ended 30 September 2001. The gross book value of the business and assets sold was £4.9 million at 31 March 2002.

Clubhaus PLC www.clubhaus.com

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