De Vere selling resorts including Mottram Hall

DE Vere has put all the golfing resorts it owns in the UK up for sale, including Mottram Hall, according to newspaper reports.

The six golf clubs affected are all premier venues: Cameron House in Loch Lomond, Mottram Hall, Slaley Hall in Northumberland, Dunston Hall near Ipswich, Belton Woods in Lincs and Oulton Hall near Leeds, but there is no news on Herons’ Reach in Blackpool.

Cameron House alone is expected to sell for about £65 million according to Herald Scotland – nearly double the amount the Turnberry golf resort, also in Scotland, sold for just last month, in what was then one of the biggest transactions in British golfing history.

The six clubs together are expected to fetch about £160 million.

The Belfry, which is managed by De Vere and in 2005 was sold by it for £186 million, is not up for sale as it is now owned by US private equity firm KSL Capital Partners, which, according to the Sunday Times, will, along with a ‘clutch of private equity firms’, bid for the six clubs.

De Vere, which went into the hands of Lloyds Banking Group during the financial crisis in a £1.7 billion debt-for-equity deal of which Lloyds has written off £650 million, sold its conference division in March for £231 million and has been selling off its non-golf hotels for several months. It sold the Grand in Brighton for £50 million earlier this month for instance.

Lloyds brought in Andrew Coppel, the former Queens Moat Houses chief executive, as De Vere’s CEO, and he said last year: “It was agreed with Lloyds in December 2011, soon after I joined De Vere, that we would work toward crystallising the value of the business over a three to four-year period.”


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: