Pictured: Nigel Price
A Midlands golf club has been sold out of administration
allowing members to continue to enjoy their sport.
Aston Wood Golf Club 2000 Ltd, Little Aston, an 18-hole
championship course, designed by Peter Allis and Clive Clarke and
constructed to USPGA standard, hit problems due to the prevailing
economic difficulties.
An immediate disposal, organised by joint administrators Nigel
Price and John Lowe, of corporate recovery group Begbies Traynor,
preserved the jobs of 52 employees.
It also meant the big day of two wedding couples did not turn to
tears - their receptions, together with certain other functions
were honoured.
The club, opened in 1994, was run by Aston Wood Golf Club 2000
on a 99 year lease. The business and assets have been purchased by
Aston Wood Golf Club Ltd, a company connected with the club's
landlords Struan Investments Ltd.
Mr Price said: "While the club has capacity to accommodate 800
members, tough market conditions and competition from other clubs
in the local area, led to a fall in numbers. Membership for the
current year had dropped to 648.
"This meant the company relied heavily on non-golf functions to
generate additional income. Unfortunately, the bad weather in
winter 2010 forced the cancellation of a number of key events,
resulting in lost revenue."
He said the cash flow constraints mean the club could no longer
meet its rental and other overheads commitments. A number of
factors combined to make it impossible for the club to be subject
to a normal marketing process for sale.
Mr Price said: "Given the urgency involved, the sale was the
best outcome which could have been achieved.
"Jobs were preserved, members are still able to play and two
wedding receptions, which otherwise could not have gone ahead, were
saved. It is a very lively club with a committed management team
and we wish it every success in the future."
For more information about Begbies Traynor, please visit their
website here: www.begbies-traynorgroup.com