Residents join together to buy threatened golf club.

Posted on 31. Dec, 2009 by Dana Nichols in Around the world, Courses, Financial, Private

Residents have joined together to buy a threatened golf club and save it from extinction.

Shares of the Ingol Golf Club in Preston, UK, will be offered to its members for £1,000 each along with partial shares also being considered.

John Taylor, a Former stockbroker, of Sheraton Park, said buying the club from from Lancashire multi-millionaire Trevor Hemmings will avert a drop in house prices if it gets used by housing.

“We are in the process of forming an association with the aim of purchasing the golf course.”, said Hemmings.

“A green lung is important and like-minded people who raise enough capital or interest can preserve the area.” “I think residents will be prepared to spend a little to become part-owners and they could always sell their shares. It may cost £1,000 but losing the site could devalue properties by £20,000.”

Taylor said he has 65 residents with a positive interest and another 400 residents looking to get on board.

A meeting will take place next month to create the new group’s constitution, elect a committee and to confirm the association’s aims. Once the group is formed it is hoped that they will be able to acquire grants from Government agencies and charities to help reach the £1.25m target needed to buy the site’s 99-year lease from Hemmings’ Northern Trust group.

Shareholders also get a a free will thrown in. Taylor said, “I would become a shareholder and it wouldn’t be unreasonable for me to put £10,000 in.” Taylor’s neighbor Doug Langham, 63, said, “We want to make sure the golf course doesn’t get used for housing. It’s a question of united we stand, divided we fall – a classic case of people power.”

“I have lived here for 20 years and this has always been a green space for Preston and it should remain as such. I think this is a positive move and says to the city that we want to maintain it as a park or facility.”, said Alf Jennings, 67, of Sheraton Park.

Arthur Williams, secretary of Ingol Squash Club which uses the site, said, “We would be very interested to be involved if we can continue to use the courts. The members have really taken to Ingol and taken to it socially.”

The club employs eight full-time and five part-time staff and earned £605,000 before taxes from March 2006 to March 2009.

The lease restricts the site’s use to a “pay-and-play golf course and associated facilities.”, and adds, “Despite the business’s historic trading losses Ingol Golf Course is considered to offer potential for commercialisation.
“The highly competitive local/regional golf market (coupled with a lack of investment) has impacted on the trading performance.”

The Ingol Squash Club will relocate to the sports centre at BAE Systems’ Warton while a new buyer is found.

The clubhouse and course will close on January 5, but there will be a security presence on site.

Tags: Ingol Golf Club, Preston, Trevor Hemmings, UK