Deal secures future of golf centre hit by downturn

The deal followed a company voluntary arrangement supervised by Begbies Traynor.

Established 20 years ago, the business is located in Wike Ridge Lane in Wike, Leeds.

As well as an 18 hole course, a 12 hole par 3 course and a floodlit driving range, the facilities include a pro shop, a teaching academy and a bar, restaurant and function room.

The company ran into problems in early 2010 as the result of the economic downturn and David Wilson and Julian Pitts of Begbies Traynor became involved.

They were subsequently appointed as joint supervisors of a company voluntary arrangement approved by the creditors last May which agreed that a portion of the debt owed would be repaid over a period of time, allowing the business to continue trading while a new owner was sought.

Begbies Traynor has marketed the business over the last year and a deal for an undisclosed sum has now been completed with letting and estate agents Park Lane Foundation.

David Wilson said: “Having worked with Wike Ridge for over a year, it is good news that we have been able to achieve such a positive outcome enabling this well-known and popular golf course to continue.

“Under the new ownership, the course will remain open and existing memberships will be honoured.”

The golf club, which occupies 143 acres of prime land, was put up for sale last May with offers invited in excess of £1.5m.

The club has about 500 members.

John Padgett of Eddisons, which acted for the vendors, said: “North Leeds is one of the most highly sought-after parts of the region. It is unprecedented in my experience that 143 acres of such desirable land has come to market.

“There is enormous scope to extend the site and facilities.”

The land, which used to be owned by Lord Harewood until he sold it in 1952, was used for agriculture land before being turned into a golf course in the early 1990s.

Begbies Traynor is the UK’s largest independent practice of corporate rescue and recovery specialists.

It has a nationwide office network, with clients ranging from small businesses to family-run companies and major multinationals.

The company said its aim is to rescue businesses wherever possible and the sooner it is contacted by those in trouble, the more it can do to help.

Begbies Traynor is part of the Begbies Traynor Group plc, a leading provider of specialist professional services in the areas of finance, recovery, investigation and risk management.