Painswick for sale rumour

[Adrian_Stiff]

I was looking at a course very close to Painswick today and was told that it is/was for sale, I think the clubhouse is freehold and the course is over the common land. The price mentioned was £500,000. I am not sure the exact truth, but was told that a deal was nearly struck last year but fell through. I do remember something about the clubhouse a year ago but more perhaps that they were looking for simene to take the clubhouse on. Apparently membership numbers are really low now. Anyone know any more?

[Rich Goodale]

Thanks for that, Adrian

This could be a tragedy but also an opportunity.

If we could get £100K from just 5 of the financial heavy hitters who inhabit this website, GCA.com could have it's own UK HQ?

Step up to the plate all you guys who have more money than mouth!

Rich

[Ally Mcintosh]

I have no money...

But surely this could be an opportunity for some syndicate from here to put together a business model that could work... With the combined selling power / advertising capabilities of this forum, that should be made all the easier..

Maybe I am just dreaming...

[Lou_Duran]

I nominate Rich Goodale of Stanfirth and Haavad fame as lead organiser and managing partner (MP).  The GCA.com Club @ Painswick will be capitalised (I plan to apply for residency to the UK) by a $650 contribution from each of 1,500 Discussion Group members.

At full subscription, the 1,500 shares will generate $975K of which roughly $812K will go toward the purchase of the club, and the remainder for working capital and maintenance reserves.  All current members will be allowed to retain their membership priviliges and given the opportunity to purchase any unsubscribed shares on a first come first served basis after the first offering is closed.

The club will be operated as austerely as possible by a strong general manager (I have one in mind) responding only to the MP, and a rotating board of four member advisors.  A budget will be set before the beginning of the year, and any overages will be covered by a pro-rata assessment prior to adopting a new budget for the subsequent year.

Site unseen, I hereby commit to purchasing my share and an option for one more.

[Adrian_Stiff]

Strangely, I have actually thinking about setting up a UK limited company to do this, 500,000 shares of £1 par value issued at par minimum subscription 1,500 shares...... half seriously how many names and how many shares..

Adrian Stiff 20,000

[Bill_McBride]

I nominate Rich Goodale of Stanfirth and Haavad fame as lead organiser and managing partner (MP).  The GCA.com Club @ Painswick will be capitalised (I plan to apply for residency to the UK) by a $650 contribution from each of 1,500 Discussion Group members.

At full subscription, the 1,500 shares will generate $975K of which roughly $812K will go toward the purchase of the club, and the remainder for working capital and maintenance reserves.  All current members will be allowed to retain their membership priviliges and given the opportunity to purchase any unsubscribed shares on a first come first served basis after the first offering is closed.

The club will be operated as austerely as possible by a strong general manager (I have one in mind) responding only to the MP, and a rotating board of four member advisors.  A budget will be set before the beginning of the year, and any overages will be covered by a pro-rata assessment prior to adopting a new budget for the subsequent year.

Site unseen, I hereby commit to purchasing my share and an option for one more.

I'm in.  Great plan.  Money / mouth, etc.

[Jud_T]

we should have bought the addington when we had the chance.....

[Sean_A]

Strangely, I have actually thinking about setting up a UK limited company to do this, 500,000 shares of £1 par value issued at par minimum subscription 1,500 shares...... half seriously how many names and how many shares..

Adrian Stiff 20,000

The question is, how do you make money?  Before anybody got too excited, I would check out what can and can't be done maintenance wise on the common land.  There could be a reason why the course is consistently in poor condition and unplayable during the winter.  

As it is now, the green fee is £19.00 on a Saturday and there is no play on Sunday.

Ciao

[Adrian_Stiff]

Sean- I think basically if the rumour is true, you are buying the freehold of the clubhouse and the ground in which it stands. It's worth £500,000. The course is probably worth zero If you can make any money from the clubhouse in theory that could be the dividend but running golf courses and profits are not great aligning words. You need to factor the word FUN into the equation and stump up say £2500 for a 0.5% stake in your golf course.. and figure you got free golf, you will probably play there 10 times so thats only £250 per round  ..... Cum on Sean stick your name down for £2500

[George Pazin]

I'd scrap together funds for some shares. I've done it before for a course even farther away!

[Bruce Katona]

Sounds like a lovery opportunity to buy this asset in a few years for  250,000 pounds/euro's., maybe less.  LLC's who are not in the golf business acquiring golf assets are the best way  for that LLC to lose money (what's $650 - not much, but having to write the annual check to cover the operating loss gets tiresome after a few years).

The deal makes sense at some number, one just needs to understand what that is prior to making a real offer.

[Bill_McBride]

Sounds like a lovery opportunity to buy this asset in a few years for  250,000 pounds/euro's., maybe less.  LLC's who are not in the golf business acquiring golf assets are the best way  for that LLC to lose money (what's $650 - not much, but having to write the annual check to cover the operating loss gets tiresome after a few years).

The deal makes sense at some number, one just needs to understand what that is prior to making a real offer.

Lou mentioned a reserve for maintenance but you're right, it could be eaten up in no time.

I think the apogee of Painswick was BUDA II.  It's been all downhill ever since.  It is definitely an acquired taste, but once you've got it you're a goner.

[Jim_Kennedy]

Here's a few shots of the course/area.

http://www.geograph.org.uk/search.php?i=8585020

[Carl Nichols]

I was looking at a course very close to Painswick today and was told that it is/was for sale

Not to be dense, but is Painswick or "a course very close to Painswick" for sale?

[mike_beene]

The exchange rate could get tough if the dollar outplunges the pound which may happen when we run short of people willing to buy our bonds at low returns.

[Scott Warren]

I was looking at a course very close to Painswick today and was told that it is/was for sale

Not to be dense, but is Painswick or "a course very close to Painswick" for sale?

As I read it, he was at a course near Painswick and was told Painswick was for sale.

[Jud_T]

The place looks awesome, count me in....