Friday 31 October 2014

Hunt for golf club buyer as receivers called in

Sarah Stack and Colm Kelpie

Published 25/01/2014 | 02:30

RECEIVERS have been appointed to a popular golf club on the outskirts of Dublin city.

Castleknock Golf Club remains open for players as plans get under way to find a buyer.

Declan McDonald and Ken Tyrrell of PwC were appointed joint receivers to the club, as well as associated companies under the umbrella of Monarch Properties.

In a statement, PwC said the pair were working with management, key staff and suppliers to ensure the club continues to operate on a 'business as usual' basis.

"The club and golf course remain open for members and green fees," it said.

"The Vue Restaurant, at the club, continues to operate and is accepting bookings as usual."

The Irish Independent understands that no redundancies are planned and that a buyer will be sought in due course, but it has not yet been decided when this will take place.

Most recent accounts reveal Castleknock Golf Club was one of seven Monarch Properties companies – headed by John Thomas Sherwood and Paul Monahan – to record a loss in 2012.

The latest set lodged with the Companies Office in Dublin show the golf club had 27 staff and recorded a loss of €137,027 in the 12 months to the end of April that year. A deficit of €3.7m was also listed under "extraordinary items".

That compares with an overall loss of €355,957 in 2011.

Accounts also showed Monarch Properties recorded a loss of €649,513.

SPECTACULAR

The north Dublin-based property development group has built many of the country's largest shopping centres, including The Square in Tallaght along with centres in Dundalk, Drogheda, Navan and Athlone.

Adjacent to Dublin's famous Phoenix Park, Castleknock Golf Club states that its greens are constructed to the highest USGA recommendations and are one of the driest parkland courses to play on.

Set up in 1981, the revamped club and course are nestled in 160 acres of demesne, including 10 acres of lakes.

Its Vue Restaurant is also described as one of the hidden gems in Dublin 15, with spectacular views overlooking the golf course and Liffey Valley.

The receivers have not been appointed to nearby Castleknock Hotel and Country Club, which is a run by FBD hotels and resorts.

Irish Independent

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