Global Edition

Lambourne Golf Club Sold

4.12pm 21st January 2000 - Property

The Lamborne Club near Burnham, Buckinghamshire has been sold by AIM listed Golf Club Holdings PLC to Lowe Destination Europe, a subsidiary of Los Angeles based Lowe Enterprises and a partner in Destination Europe Limited which owns the exclusive Cliveden Hotel located just 2 miles away from the golf club. The agreed price reported to the Stock Exchange was £7.2million which includes cash and the assumption of certain obligations.

The Lamborne Club opened in 1993 and offers a high-quality, mature golfing venue with an 18- hole par 72 golf course with additional practice and teaching facilities and a 3-storey 15,000 sq. ft clubhouse. The club currently has 675 members and the turnover of the business is approximately £1.25million. Lowe Destination Europe will retain Golf Club Holdings to manage the club.

Golf Club Holdings PLC owns 7 other quality golf course businesses including two which have been recently purchased. High Dixon, a Director of Golf Club Holdings PLC, confirmed, “the sale of the Lambourne Club will enable the company to continue its expansion plan, particularly focussing on under-performing assets where we can add value.”

Nick Sweeney of FPDSavills, who acted for the vendors, stated, “this sale confirms the strength of the top end of the golf course market. Recent sales include the Invicta golf course division for £12.2million and Chart Hills Golf Club, Kent for over £4million while the sale of East Sussex National is set to be completed at £9million.”

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