07 September 2005
The Club Company, one of the UK’s leading golf and country club operators, which was acquired by Legal & General Ventures ("LGV") in May 2004, has been refinanced with debt facilities of £60m from Anglo Irish Bank. The refinancing results from the investment in the clubs since acquisition and the strong performance of the underlying business.
The Club Company operates 11 golf and country clubs, including The Warwickshire, Castle Royle near Maidenhead and Nizels, near Sevenoaks. The clubs are predominantly freehold or long leasehold. The Club Company country club format offers members a full range of facilities including superb golf courses, gyms, swimming pools, spas, sauna, health & beauty, crèche and function rooms.
Since LGV’s acquisition, The Club Company has invested in developing new country club facilities at Chartham Park and is in the process of doing so at The Warwickshire and Benton Hall. The Warwickshire development includes a new £7m clubhouse which will open in November 2005. Benton Hall’s current clubhouse will be expanded to include new health & fitness facilities and is due to open in June 2006.
Bill Priestley and Steven Phillips worked on the refinancing from LGV.
Bill Priestley, Managing Director of LGV said:
"We are delighted with our investment in The Club Company. The refinancing reflects the strong performance of the business since the acquisition last year and is a testament to the management team and the growing popularity of the country club format".
