As we reported in the introduction to The Weekly GBN.com Newsletter, dated 2nd December, GBN.com can now confirm that there has been at least one firm offer to purchase The Belfry from the consortium of banks that took control of the property earlier this year.
The prospective buyer, believed to be an American (although some other sources say that the purchaser is from Malaysia), is currently said to be conducting ‘due diligence’.
Belfry owner Sean Quinn, once one of Ireland’s richest men, bought the Warwickshire golf club and hotel complex from the De Vere Group for £186 million six years ago. There were plans to spend another £150 million on the property. This would have involved large-scale demolition and rebuilding but the project was thwarted by the recession, especially in Ireland, where the Quinn family is rumoured to have literally lost a fortune.
The banks involved are Bank of Ireland, Barclays and Certus, formerly part of Lloyds Banking Group. Currently they are expecting to receive around £90m against the property’s total debt liabilities of £105m.
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The Belfry www.thebelfry.co.uk
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