Ballumbie Castle Golf Course sold to Knowe Properties
- 7 June 2011
- From the section Scotland business
A Dundee golf course which was placed into administration in January has been bought by a Scottish-based property investment company.
Ballumbie Castle Golf Course, located on the outskirts of the city, was sold to Edinburgh-based Knowe Properties.
The 18-hole course will continue to be managed by the leaseholders, Rebel Golf Courses.
The course, which opened last year, was previously owned by Glacierlight Ltd before slipping into administration.
Administrators Begbies Traynor said the purchaser acquired title to the course, along with a driving range and clubhouse, for an undisclosed sum.
Paul Dounis, of Begbies Traynor, said: "We can confirm that we have concluded the sale of the club in a relatively short period of time and we are happy that the existing employees of Rebel Golf Courses, who remain the tenants and will continue to operate the club going forward, will keep their jobs.
"The membership had grown quickly since its opening, and the business shows a great deal of promise with reduced debts and stable funding behind it."