Clubhaus confirms it is up for sale

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The Independent Online

The troubled golf course operator Clubhaus admitted yesterday it was up for sale and said it had received "various" expressions of interest in the business.

But it warned the level of expressions of interest received so far was "materially" below the company's gross fixed asset value of £71.1m.

Paul Sellars, the chairman, said the board was still "reviewing" all options - including the possible sale of the company - to help it finance ongoing development. After a major restructuring in which it sold a raft of clubs, the company has 11 golf and country clubs around the UK. It plans to add health and fitness facilities to its four clubs which do not currently have them.

To do that, Clubhaus, which carried out a corporate restructuring last year in which bondholders seized control, desperately needs to fix its balance sheet. It has debts of about £55m but the interest payments on the borrowings are particularly onerous.

While the company made an operating profit of £3.7m in the year to 30 September, compared with a loss of £1.5m last year, interest payments were £4.4m. The company made a pre-tax loss of £704,000, compared with a loss of £14.3m the year before.