Sourcing a UK golf investment opportunity

An overseas investor was looking to make acquisitions in the UK, and appointed Cornerstone Golf to identify clubs, agree terms and manage the process of due diligence and integration.

Situation

Cornerstone Golf was appointed on a case-by-case retainer and success fee to identify target clubs and facilitate negotiations between principals. This incorporated a working relationship with the management team to complete due diligence on the freehold property, operations and personnel, and produce a three-year business plan that incorporated capital works, where required.

Response

Cornerstone Golf reviewed the construction of each course and associated buildings, areas of capital exposure including plant, irrigation, drainage and compliance. Trading performance, sales history, marketing and social media activity were all evaluated against competitors in the respective catchment areas to make the necessary determinations.

Business Outcomes

An acquisition paper, and associated schedules, outlined:

  • History of ownership and planning permissions
  • A review with comment on the trading history
  • Assessment with recommendations of the management team and facilities
  • Competitive market review and growth opportunities for the business
  • Assessment of capital investment requirements of the club

The transaction of the first club was agreed and completed within 12 weeks. Cornerstone Golf integrated the business into the new ownership and was subsequently retained to provide ongoing advice and to continue to look for new opportunities.

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