As members are aware, we submitted our bid last Friday to Grant Thornton and they were hoping to announce the decision by close of business yesterday, Friday 3rd.
I spoke to them at 4.30 Friday and the matter has still not been completed. We understand our offer is likely unacceptable and they must be considering an alternative to which we have no information. We were one of 3 bids submitted.
We are aware of the petition to seek a compulsory liquidation by HMRC on Monday 6th July of Mentmore Leisure Golf and Country Club Limited will go ahead on. This petition is being supported by a number of additional creditors and some of the team will be present in the High Court.
We will communicate any news as and when it is received. We are awaiting a final decision for the sale of the assets and the outcome of the winding up order. We expect things should be clearer by end of day Monday.
Until then we wanted to keep everybody informed of what is going on.
Further Update 6th July
We have been advised in the past couple of hours that the sale of MLGCC was concluded on Friday afternoon to a new company Mentmore Golf Corporate Limited. Few details are currently available, but the sequence of events as we understand them are as follows:
29th June 2015 – 3 bids for MLGCC were received by Grant Thornton; one on behalf of the members, another from a corporate golf club operator and the third from the existing owner.
1st July 2015 – a new company Mentmore Golf Corporate Limited was incorporated with Simon Halabi and Susan Hollyman as the directors. The shareholder of the new company is Mentmore Golf Investments Limited, a Jersey based company. Mentmore Golf Investments Limited was the owner of MLGCC.
3rd July 2015 – Late on Friday afternoon, Grant Thornton were appointed as administrators of MLGCC. Later that evening a sale was completed to Mentmore Golf Corporate Limited.
6th July 2015 – As a consequence of the appointment of Administrators on Friday, the winding up petition which was due to heard in the High Court today, was suspended.
We were advised formally of the sale this afternoon, and we understand that a letter will be going to update all creditors and members later this week.
This is all we currently know, and are sensitive to the fact that speculation will continue until the position is clarified with certainty. On behalf of all members we will continue to seek further clarification and will update you all as soon as we have new information that we can share. In the meantime, Anne & I have appreciated the wide ranging support and encouragement that we have received from so many which enabled us to put forward a realistic and credible offer for the club.
We will keep you updated as matters are clarified.