Village News

2nd Oct 2017 Last updated at 17:30

Golf Club Votes to Sell

At a special meeting of golf club members at the clubhouse on 7th September, the sale of the club, including all assets and land, was approved by a majority of 190 to 2 full playing members for the sum of £1.5 million. The intended purchaser is the Orida Group, which is run by a South Korean family. Orida already own and operate two golf courses in Buckinghamshire and Kent.

At a previous meeting at the clubhouse on the 29th August, a Question and Answer session was held where Orida had the opportunity to respond to detailed questions from members and also present outline proposals for the future development of the club. This was followed by a response to questions to the club management without Orida present.

The club has been operating at a loss in recent years with significant levels of debt, and has been largely supported with loans and donations from existing members. The club management has been trying to find ways to repay the debt and cut costs so the club is able to break even with income covering expenditure.

In 2014 the club initiated a proposal to build 6 houses in the green keeper’s compound off How Lane to release capital and pay off debt. This developed into a proposal from Quantum Homes, a local developer, to build 8 houses on the site. If this application had been successful, it would have released almost £1million to the club on the sale of the land. Linked to this application was an offer from the CVPS to buy the land owned by the club (excluding all assets) for about £200K, for lease-back at a peppercorn rent. Clearly, if the Orida bid is completed, these options will not be pursued.

The club has stated that the Orida offer was unexpected and unsolicited. The offer will enable the club to clear all bank debts, loans and donations from members and loans/leases on green keeper’s equipment. Sufficient surplus funs will be available to offer existing playing members two years free of subscription.

So if the offer comes to fruition the CRA and CVPS wish Orida every success in getting the club into a profitable and stable position which will enable members to continue to enjoy golf at Chipstead for many years to come.