Legal and General Ventures has completed a refinancing of The Club Company, a UK operator of golf and country clubs, with debt facilities of £60 million (€89 million; $110 million) from Anglo Irish Bank.
LGV took The Club Company, at the time known as Clubhaus, private in May 2004, when it bought a majority stake for £57 million.
Bill Priestley, managing director of LGV, told PEO: “We bought the business about 15 months ago for £57 million, with the balance sheet showing around £40 million in debt, and £20 million or so in equity from us. Since then, we’ve invested in the business to assist in the development of the Chartham Park and Warwickshire sites through a combination of cash from the business, new debt and new equity. The upshot of the refinancing is that we’re able to take a significant stake off the table.”
In addition to The Club Company, LGV’s UK leisure portfolio now comprises: Vue Cinemas, which it acquired in 2003; Tragus, owner of the Café Rouge and Bella Italia Restaurant chains, bought for £170 million in January 2005; North West England-based health and fitness operator Total Fitness.
In 2004, LGV exited its investments in caravan parks operator Bourne Leisure and the Unique Pub Company.