Global Edition

Further Clubhaus disposals

12.05am 9th October 2002 - Property

Clubhaus has disposed of the business and assets of Montpensier Golf Club, Vichy, France and Three Rivers Golf Club, England. The announcement is in line with the group strategy outlined in the interim results published 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.

Montpensier and Three Rivers golf clubs did not fall within the core focus of the group, which, following the strategic review of its facilities, will focus on the UK country club format.

Montpensier Golf Club has been sold to Thorpelane Limited for a total consideration of £0.5 million in cash, with the purchaser assuming a further £0.5 million of liabilities.

In the nine months ended 30th September 2001, the loss after interest but before tax attributable to the assets and business being disposed of was £0.4 million from a turnover of £0.3 million. These numbers have been extracted from the audited accounts of the company that owned and operated the club for the nine months ended 30th September 2001. The gross book value of the business and assets sold at 30th September 2001 was £0.75 million.

Three Rivers Golf Club has been sold to The Peachey Retirement and Trust Scheme for a total consideration of £2.25 million in cash.

In the nine months ended 30th September 2001, the profit after interest but before tax attributable to the assets and business being disposed of was £0.0 million from a turnover of £0.9 million. These numbers have been extracted from the audited accounts of the company that owned and operated the clubs for the nine months ended 30th September 2001. The gross book value of the business and assets sold at 30th September 2001 was £2.4 million.

Proceeds from the sales will be used to reduce Group bank borrowings. Completion of the remaining non-core asset disposals is expected within the next few months.

Clubhaus plc www.clubhaus.com

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