The world-famous Belfry hotel and golf resort is up for sale – despite a reported £105 million debt pile, it is claimed.
Bank lenders the Bank of Ireland, Barclays and Certus are said to be seeking a buyer for the popular luxury business, golf and leisure complex, in Wishaw, Sutton Coldfield.
The Belfry, which has hosted the Ryder Cup four times, most recently in 2002, has made no official comment but the sale comes just months after a financial crisis gripped the complex’s Irish owners the Quinn Group.
The Quinns bought the business back in February 2005 but financial catastrophe hit earlier this year, forcing the Belfry into the hands of Anglo-Irish Bank and US insurance firm Liberty Mutual.
Sean Quinn, who led the Quinn Group, has seen his multi-billion euro empire collapse over the last two years after massive stock market gambles on the share price of the Anglo-Irish Bank went sour.
Mr Quinn, dubbed the Mighty Quinn at the height of his success when he was worth a reputed £3.7 billion, lost control of his business in April and voluntarily filed for bankruptcy in Belfast last month.
The Quinn Group’s cash crisis has left the future of the Belfry in the melting pot – and now commercial property specialists Jones Lang LaSalle have reportedly been appointed to market the Belfry for sale.
The complex’s lenders brought in business advisers Ernst and Young to examine potential options for the site, including a debt restructuring and sale.
One report said an unnamed Malaysian investor had already made contact to submit a £90 million offer for the Belfry.
The Quinn Group bought the complex for £186 million but the recession has seen its value dramatically decline.
General manager Nigel Gray could not be contacted for comment, but an insider said: “The Belfry is up for sale. It has been a cash generator although it does need a major refurbishment.
“The Quinn Group has invested in the hotel, and has spent a fair amount of money on the golf course. There is likely to be quite a lot of interest, especially bearing in mind that the Belfry is the headquarters of the PGA.”
In June 2007, a massive £200 million revamp of the Belfry was unveiled, including creating the Midlands’ only five-star hotel.
