FRP’s multidisciplinary team help secure future of prestigious golf club

FRP’s multidisciplinary approach secures the future of Royal Norwich Golf Club facilitating its transformation to become a more inclusive venue

Background

Royal Norwich, a premier golf and country club established in 1893, found itself facing considerable cashflow problems as a result of COVID-19 which hampered trading just two months after the club relocated and carried out a series of refurbishments. Rising operating costs and falling visitor numbers saw the club owe around £4 million in debt by the end of 2023.

Action

FRP’s multidisciplinary team, encompassing experts across Financial Advisory, Corporate Finance and Restructuring Advisory, were engaged to carry out an independent business review to assess all viable options for the club and the lender. This included exploring potential refinancing options and reviewing short term cash forecasts. All parties concluded an Accelerated Merger and Acquisition (AMA) was in the best interest of the club and all stakeholders. A golf, hotel and leisure property specialist was introduced to carry out the sale however the FRP team continued to advise the club and the lender, undertaking weekly cashflow reviews and liaising with all stakeholders throughout the process to ensure a successful result for all.

Outcome

Following the transaction, the club were able to repay their debt in full and are now able to move forward with their plans to create either a spa hotel or lodges to become a more family friendly, inclusive venue.