Golf Club Holdings - Subsidiary Disposal

RNS Number:1694D
Golf Club Holdings PLC
30 December 1999




GOLF CLUB HOLDINGS PLC ("GCH")

GCH realises #7.235m from the sale of Lambourne Golf Club

The Board of Golf Club Holdings is pleased to announce that its wholly-owned
subsidiary Lambourne Golf Club Limited ("LGCL") has entered into an agreement
to sell its assets comprising The Lambourne Golf Club to Lowe Destination
Europe LLC, a division of The Lowe Enterprises Inc for a total of #7.235
million made up of #4.2 million cash and the balance in the assumption of
debt. Contracts have been exchanged today with completion set for the end of
March 2000. Under the terms of the agreement GCH will continue to manage the
Lambourne Club at least until the end of 2000.

LGCL's last published balance sheet dated 27 December 1998 showed a net asset
deficiency of #277,000 and its profit and loss account for the year ended on
that date showed a profit before tax of #71,000 after charging management fees
payable to its holding company of #120,000. The Board of GCH expects this
transaction to be earnings enhancing in 2000, and to improve GCH's net asset
position by over #1.5m. 

This disposal marks a further step in GCH's strategy of developing clubs to
maturity then realising its equity to invest in clubs with clear development
potential. The proceeds of sale will be used to reduce GCH's borrowings and
fixed interest share capital, and to provide funds for investment by the
Group.

GCH owns 7 other clubs and has a substantial development programme to
introduce new facilities at these clubs, including more golf holes and health
and fitness activities.  Good progress has been made at GCH's newest clubs,
Eccleston Park near St Helen's, Liverpool and The Chase Golf Club at Cannock,
Staffordshire. GCH is also actively looking for further club acquisitions and
is currently considering a number of opportunities. The Board of GCH is
excited at the prospects for 2000.


For further information contact:

Martin Knight, Chairman              0860 553 455

END

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