I have some exciting news for those who love playing at Newark Golf Club and aspire to become members.
The 125-year-old Newark Golf Club was saved by a sale led by Bob Maxwell and Robert Dymond of Begbies Traynor Group, which was completed on 16 July.
The agreement has safeguarded the future of the esteemed golf club while also preserving employment opportunities. Uncommonly, it will additionally yield a substantial dividend for its 400-plus members.
Earlier this year, the board of directors of the club, established in 1901, acknowledged that its financial resources were insufficient to undertake the significant enhancements necessary to modernize the 18-hole course and clubhouse.
This shortfall threatened the club’s sustainability and financial viability.
With the assistance of the membership, the board collaborated with Begbies Traynor to promote the club while overseeing its financial liquidity and reserves.
This support enabled the club to sustain its operations throughout the sales process.
Following the appointment of agents, HMH Golf & Leisure in association with Ben Allen, around 20 interested parties were identified.
Stellar Asset Management was ultimately chosen by the members as the preferred bidder as it guaranteed the continued operation of the club.
The sale was supported by the club’s lender, Clydesdale Bank. Bob Maxwell said:
“By completing a sale, not only have we been able to safeguard the future of this historic golf club in the hands of an experienced new owner, but, uniquely, there will be a return back to members, as shareholders, once the creditors have been re-paid. It has also secured the jobs of the 20-strong team at the club.”