Administration beckons for Judas Priest guitarist’s golf course

Thu, 12 Oct 2017 | BUSINESS SALE

A golf course built and owned by British metal band Judas Priest’s guitarist, KK Downing, has been placed into administration due to “tough economic times”.

The site, called Astbury Hall and based in Shropshire, comprises a golf course and a Georgian-style stately home where Downing previously lived.

FRP Advisory were appointed as joint administrators earlier this week, and have put the site up for sale with an asking price of at least £10 million. A spokesperson for the firm said that “tougher economic times within the wider corporate hospitality market”, which put pressure on cashflow, had prompted the decision.

The news comes just a year and half after Downing bought out his partners in the venture, with plans in place to build a leisure resort around the golf course, which would see forty holiday homes, a hotel, a spa and another nine-hole course built on the 320-acre estate.

Downing said that on the back of a promising season and with plans for expansion in place, his business sought extra funding.

He added: "The company took out a short-term mezzanine fund in early August to take us through to March. This was essentially to bring in professional architects and a team from London. Everything was in place as far as we were concerned.

"Unfortunately, about six weeks into the loan, we were served a short-term notice about breaches.”
Downing confirmed that he was planning to refinance the loan shortly, adding that he was “taken aback” that the funding bank had not been more flexible about the situation.

Alastair Massey, partner at FRP Advisory, said that the administration would allow for Downing’s estate to function while sales of various parts of the business - including the golf course, stately home and associated events business - were mooted for sale.

He added: “The estate will continue to run as normal through the administration process and the number of bookings which the Astbury continues to make is a testament to the popularity of the hall, the golf course, its grounds and the catering on offer, all supported by its professional team of staff.”

Search businesses in administration
Subscribe to the Business Sale Report


Share this article



Latest Businesses for Sale

Festival Operator Business
Essex, South East, UK

An excellent opportunity exists to purchase the business and assets of a well-established festival business that has built up a successful annual festival in the South East of England. Offers invited.

Asking Price: £100,000
Turnover: £5,000,000

LEASEHOLD


Commercial Lighting Contractor Business (Fast Sale)
Oxfordshire, South East, UK

A sale will be executed at the earliest opportunity. All expressions of interest must be registered by no later than 22 July 2020. An excellent opportunity exists to purchase the business and assets of a well-established commercial lighting contracto...

Asking Price: £50,000
Turnover: £5,000,000

LEASEHOLD


Telecoms & IT Services Provider
London, UK

An opportunity to acquire a UK-based telecoms and IT multi-layered services provider delivering leading edge services to contracted telecoms partners. Successful model operating for over 17 years, in 3 different countries. Significant professional fr...

Asking Price: Offers Invited
Turnover: £2,700,000


View more businesses for sale

News Search

Latest News

 
10
 
Jul
 

Mobile phone supplier and recycler goes into administration | ADMINISTRATION

Mobile phone refurbishment company Redeem UK has gone into a...

 
09
 
Jul
 

John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS

Department store chain John Lewis has said that eight of its...

 
09
 
Jul
 

Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS

Chancellor Rishi Sunak has announced a £30 billion pla...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
10
 
Jul
 

Mobile phone supplier and recycler goes into administration | ADMINISTRATION

Mobile phone refurbishment company Redeem UK has gone into a...

 
09
 
Jul
 

Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS

Chancellor Rishi Sunak has announced a £30 billion pla...

 
09
 
Jul
 

John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS

Department store chain John Lewis has said that eight of its...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources