Feldon Valley Golf Club - GVA

IntroductionGVA is instructed by FVCL Ltd to offer Feldon Valley Golf Club to the market for sale following a number ofrecent unsolicited approaches for the business.Established in 1991, Feldon Valley Golf Club is a highly attractive and well presented 18 hole golf club,regarded by many as one of the most improved in the region.Offers in the region of £475,000 are invited for the long leasehold interest in Feldon Valley Golf Club,making this an ideal opportunity for the Purchaser to enter the golf club market at low cost and build uponthe successes that the Directors have achieved to date. However, whilst a sale of the leasehold interest isthe vendor’s preferred option, a sale of the freehold may be considered if offers in excess of £1.5 millionare received.LocationFeldon Valley Golf Club enjoys a rural location in the Cotswolds Area of Outstanding Natural Beauty, which offersa tranquil setting for golf away from the hectic pace and noise of everyday life. Location plans are at the end ofthe brochure.Approximate distances and journey times to the property from local town centres are (source The AA):Banbury 11.5 miles 15 minsChipping Norton 9.7 miles 28 minsMoreton in Marsh 11.3 miles 22 minsStratford upon Avon 15.2 miles 33 minsThe Club is located between the A422 (linking Banbury to Stratford upon Avon) and the A3400(linking Chipping Norton to Stratford upon Avon) and is accessed from Sutton Lane. The local road networkprovides easy access to the surrounding area, including the M40 Motorway (J 11) at Banbury some 12 milesto the east.

Description of the PropertyFeldon Valley Golf Club was established in 1991 and is laid out over42 hectares (104 acres). In excess of £150,000 has been invested inthe facilities over the last 18 months, including redecoration of theclubhouse, the development of a new terrace and improvements tothe golf course. The facilities comprise:18 Hole Golf CourseKnown as the Sutton Brook Course, the 18 hole 6,034 yard (par 71)golf course is laid out along the Feldon Valley. The course comprisesfour par 3s, eleven par 4s and three par 5s and is arranged in twoloops of 9 holes starting and finishing at the clubhouse.The course is characterised by the Sutton Brook, which meandersthrough the length of the property, with oak and willow trees addingto the charm of the course, as well as providing natural hazards foreach hole.We are advised that greens throughout the course have beenconstructed to USGA specification. An automated irrigation systemis laid to all greens.The golf course has matured well since opening and presents anenjoyable test of golf for all players. Well placed bunkers, multiplewater features, lush fairways and well maintained undulating greens,make Feldon Valley Golf Club an ideal venue for the mixed abilitiesof the modern day golfer.Part of the recent capital investment programme has been on golfcourse improvements and drainage. The benefit of this investment isnow clearly evident in the presentation of the course.Practice FacilitiesThe practice ground is situated on the northern boundary of theproperty a short walk from the clubhouse. The open teeing area (withall weather mats) leads to an outfield of c. 300 yards. A chippinggreen and practice bunker are located close by. An irrigated practiceputting green is located close to the clubhouse/the first tee.Greenkeepers’ FacilitiesThe greenkeepers’ facilities are located a short distance from theclubhouse in a screened/woodland setting, with a dedicated accessroad leading from the main entrance and car park.The facilities comprise a range of timber framed/clad pitched roofformer agricultural buildings, open pole barns and portacabins.These combine to provide areas for machinery storage, workshopfacilities, tool store, chemical store, fertilizer store, and staff room.Storage bays for course materials are located nearby in the maincar park.

The Existing BusinessOpened in 1991 as Brailes Golf Club, the business was acquiredby the current proprietors in January 2010. Since the acquisitionof the Club, the Directors have invested in the clubhouse and golfcourse and focussed on the management of the business. This inputhas had a direct impact on the trading performance of the business,with growth of turnover and EBITDA only fettered this year by theinclement weather experienced during the peak spring/summer2012 trading periods.Whist the business has only been under the control of the Directorsfor some 30 months, the Club is being offered for sale following anumber of approaches that have been received for the business. If thecurrent marketing campaign does not produce an acceptable offerfor the property, the Directors will continue their involvement in thebusiness along with their adjacent celebrations venue.Trading HistoryWe have been provided with financial statements for the businessfor the years ending 31st December 2010 and 2011, along with theforecast for the current year. The historic figures can be summarisedas shown below:Jan – Dec 11 Jan – Dec 10Subscriptions £188,103 £173,743Green fees £60,908 £59,288Food & Bev £140,965 £123,899Golf shop £45,877 £56,478Miscellaneous £10,346 £9,980Turnover £446,199 £423,388The business made a small loss after Directors drawings in 2011, butincreased efficiencies achieved throughout the operation meant thatthis was a significant improvement over 2010.The weather impacted business (footfall reduced by the exceptionallywet weather experienced across the country during the spring andsummer of this year) is forecast to make a profit (after Directorsdrawings) in 2012.Detailed trading accounts are included in the online dataroomreferred to above.MembershipFeldon Valley Golf Club had a total membership of 485 as at the endof September 2012.Members renew their memberships on 31st March each year.Membership fees for the 12/13 season (including EGU fees andVAT) are:CategorySubscription7 Day £810.007 Day Joint £1,540.005 Day £610.005 Day Joint £1,155.00Executive £295.00County £295.009 hole (for the over 80s) £295.00Junior £170.00Executive members pay a discounted green fee for each round played.Each member is issued with a membership discount card, to which aminimum £50 levy is added in addition to the subscriptions shownabove. The card entitles members to discounts on food and beveragepurchases.

Green FeesThe green fees for the 2012 season include:Mon-FriWeekendVisitor £34.00 £44.00Guest £16.75 £16.75Twilight £21.00 £21.00Under 18 £21.00 £21.009 hole £18.00 £23.00Executive £9.00 £18.00Range FeesThe fee for use of the practice ground is £3.50SocietiesFeldon Valley Golf Club is a favoured society venue. Societies andcorporate events are welcomed on weekdays, weekends and BankHolidays.Society packages are tailored to individual requirements. However,typical society prices (per person) for parties of 12 or more golfersare available from:Weekdays18 holes £22.0027 holes £27.0036 holes £33.00Weekends18 holes £24.0027 holes £29.0036 holes £40.00Buggy HireBuggy hire charges for the current season are:18 holes members £16.0018 holes visitors £20.00Conferences, Weddings & FunctionsFeldon Valley Golf Club has established an excellent reputation asa function and weddings venue. Events currently take place in theclubhouse and/or in a marquee building erected on land adjacent tothe car park (the celebration venue).Circa 50 functions, private parties, wakes, christenings and meetingswere hosted at the Club in the calendar year to 31st Dec 2011. 63similar events have already taken place as at mid-October 2012.Weddings/functions packages are tailored to individual requirements.LicencesStratford upon Avon District Council Licensing Department confirmsthat the property has been granted a Premises Licence under theLicensing Act 2003.The permitted licensed hours of the premises are:Monday to SaturdaySunday10.00 – 23.00 hrs11.00 – 23.00 hrsThe business has applied for and has been granted a number ofTemporary Events Notices for specific events through time.

Golf Course Maintenance EquipmentFeldon Valley Golf Club has a full complement of golf coursemaintenance equipment, all of which is owned outright and isincluded in the sale.Rateable ValueThe Valuation Office Agency confirms that the Rateable Value of the‘golf course and premises’ is £47,000 (with effect from 1st April2010). The 2005 Rateable Value was £41,000.StaffFeldon Valley Golf Club employs: a Head Greenkeeper, AssistantHead Greenkeeper and a Chef on a full time basis - a total full timestaff complement of 3 in addition to the Directors. Additional staff(typically 16) are also employed on a seasonal/part time/hourlybasis as greenkeepers, shop assistants, bar/catering staff, laundry staffand cleaners.It is understood that TUPE will apply to the sale of the property/the business.ServicesClubhouseMains water, electricity & drainageElectric heating & hot water systemsCalor Gas cooking (bulk tank)TelecommunicationsADT alarm systemGreenkeepers buildingMains water, electricity & drainageGolf CourseWater for the golf course irrigation system is supplied from themains and on course lakes.Energy Performance CertificateThe property has an Energy Performance Asset Rating of D 91. Acopy of the Energy Performance Certificate for the clubhouse issummarised above.A full copy of the EPC and Recommendation Report is included inthe further information memorandum.

Town & Country PlanningStratford upon Avon District Council confirms that The DevelopmentPlan for Stratford District comprises: The West Midlands RegionalSpatial Strategy - January 2008; a number of saved policies from theWarwickshire Structure Plan which has expired; and ‘saved’ policiesfrom The Stratford-on-Avon District Local Plan Review whichexpired on 14 July 2009. The District Council is now preparing aLocal Development Framework.The property falls within the Cotswold Area of Outstanding NaturalBeauty. Part of the golf course (around Sutton Brook) is locatedwithin a flood plain.A public footpath runs through the golf course along the length ofSutton Brook.

Basis of DisposalOffers in the region of £475,000 are invited for the 97 year leaseholdinterest in Feldon Valley Golf Club. The Vendor’s preference is toachieve a sale through a disposal of the entire issued share capital ofFeldon Valley Golf Ltd.Whilst a sale of the leasehold interest is the vendor’s preferred option,the sale of the freehold may be considered if offers in excess of£1.5 million are received.Further Information & ViewingFor further information on Feldon Valley Golf Club, or to arrange anaccompanied inspection of the property, please contact:5580Stocks are to be taken over by the purchaser at valuationon completion.NB the celebration venue is to be excluded from the sale of FeldonValley Golf Club and is to be retained by the Vendor’s associatedcompany. The Vendor intends to continue to operate the celebrationvenue and in this instance will work closely with the Feldon ValleyGolf Club for the mutual benefit of both businesses.Ben Allen BSc (Hons) MRICS on020 7911 2360 or07920 812 018ben.allen@gva.co.ukwww.gva.co.uk/leisureWeb SiteFor a further insight into Feldon Valley Golf Club visitwww.feldonvalleygolf.co.ukM5RoyalLeamingtonSpaWorcesterStratford-upon-AvonB4455M40A3400 M50A429Shipston-on-StourA422Moreton-in-MarshBanburyGloucesterCheltenhamStow-in-the-WoldBourton-on-the-WaterChipping NortonM40M5A3400Fosse WayA42211A429Shipston-on-StourFant HillBanburyFosse WayHolloway HillA3400Sutton LaneA361A429ShiThe postcode of the property is OX15 5BB

Important NoticeGVA is a trading name of GVA Grimley Limited. Conditions under whichparticulars are issued by GVA Grimley Limited for themselves, for any jointagents and for the vendors or lessors of this property for whom they act, are:(i) the particulars are set out as a general outline only for the guidance ofintending purchases or lessors and do not constitute, nor constitute part of,an offer or contract.(ii) all descriptions, dimensions, references to condition and necessarypermission for use and occupation, and other details, are given in goodfaith and are believed to be correct but any intending purchasers or tenantsshould not rely on them as statements or representations of fact but satisfythemselves by inspection or otherwise as to the correctness of each of them.(iii) no person in the employment of GVA Grimley Limited or any jointagents has any authority to make or give any representation or warrantywhatever in relation to this property.(iv) all rentals and prices are quoted exclusive of VATReproduced by courtesy of the Controller of HMSO Crown Copyrightreserved. Licence No 774359. If applicable, with consent of Chas E Goad,Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or TheAutomobile Association. For identification purposes only.These particulars were produced in January 2013.5580Ben Allen BSc (Hons) MRICS020 7911 236007920 812 018ben.allen@gva.co.ukwww.gva.co.uk/leisureDesigned bywww.anothervision.co.uk