The Belfry is put up for sale
26th December, 2011 by Colin Victor
The ‘spiritual home’ of the Ryder Cup and the headquarters of the UK’s Professional Golfers’ Association (PGA), The Belfry, has been put up for sale after its owner suffered major financial problems.
The world-famous Warwickshire golf club and hotel, which has hosted the Ryder Cup four times, was bought by Irish company the Quinn Group in 2005 for £186 million. In 2007 the club removed its ‘De Vere’ branding and announced plans for a £200 million revamp, including new PGA national headquarters and a clubhouse, and an extension to the Midlands’ only five-star hotel.
However, the global financial recession badly hit the Quinn Group. In 2009 the refurbishment was called off and earlier this year it was announced that the company was more than £3.5 billion in debt. Then its former chairman, the golf-obsessed Sean Quinn, who was once one of the richest men in the world, was served with bankruptcy papers by Irish Bank Resolution Corporation (formerly Anglo Irish Bank), an organisation Mr Quinn once tried to own, claiming it was owed more than £2 billion by him.
Earlier this year Irish Bank Resolution Corporation, along with US insurance firm Liberty Mutual, took over the running of The Belfry which, reportedly, owes £105 million in debts.
Commercial property specialist Jones Lang LaSalle has been appointed to market the club for sale, while business adviser Ernst and Young has examined potential options for the site, including a debt restructuring and sale.
One report said an unnamed Malaysian investor has already made contact to submit a £90 million offer.
A club spokesman said: “The Belfry has been a cash generator for years although it does need a major refurbishment. The Quinn Group has invested in the hotel, and has spent a fair amount of money on the golf course.”