American Golf Buy Clubhaus Clubs

Clubhaus, currently engaged in talks with potential new owners, have sold two of their golf clubs - Stapleford Abbotts in Essex and Chelsfield Lakes Golf Centre, near Orpington, Kent - to American Golf (UK) for a total of £6.6 million.

A Clubhaus statement explained that the move was "in line with the strategy outlined in November 2000 which stated that there would be a review of the group's facilities that do not possess the potential to be developed into the Clubhaus country club format.

"Neither of the clubs being disposed of has the potential to be developed beyond the golf facilities that are currently being operated."

The sale comprises £4.95 million in cash at completion and a deferred payment of £1.65 million payable on or before 30 April 2001.

Proceeds from the sales will be used in the short term by Clubhaus to reduce their bank borrowings.

Charlie Parker, managing director of Clubhaus, said: "The seven UK country clubs that we currently operate have continued to trade well and enjoyed extremely encouraging membership sales in the first month of 2001. We intend to announce the results for the year ended 31 December 2000 towards the end of March 2001."