Twenty jobs and a golf club that dates back more than a century have been saved by the sale of the assets of Newark Golf Club to Stellar Asset Management, which owns a number of golf clubs and leisure resorts.
The deal has not only secured the future of the historic golf club and saved jobs, but will also deliver a significant dividend to its 400-plus members.
Earlier this year directors of the club, founded in 1901, recognised that its funds were not
sufficient to undertake the substantial improvements needed to update the 18-hole course and club house, threatening its ability to continue to operate without becoming insolvent.
With the support of the membership, the directors worked with Begbies Traynor to market the club while managing its cash flow and reserves, enabling it to continue to trade during the sale process. The sale was supported by the club’s lender Clydesdale Bank.
