The Astbury golf course in the rough as FRP Advisory administrators appointed
FRP Advisory administrators have been appointed to Astbury Hall stately home and The Astbury golf course as they seek a buyer for the £10m, 320-acre Shropshire site
11 Oct 2017
Astbury Estates Limited, Astbury Hall LLP, Astbury Development Company Limited and Ken Downing Limited are all in administration, although Astbury Hall and The Astbury golf course continue to trade while the administrators market the business and assets for sale.
After years of successful management as a popular leisure pursuits business, recent tougher economic times within the wider corporate hospitality market has put unsustainable pressure on the cash-flow of the estate under its current financial structure, FRP said.
Owned by former Judas Priest guitarist Kenneth ‘KK’ Downing, The Astbury is a par 71, 18-hole championship golf course used by both professionals and amateur golfers and sits within 320 acres of land belonging to the estate.
Astbury Hall, also owned by Downing, is a Georgian-designed stately home close to Chelmarsh in Shropshire. Originally built during the reign of Henry III in the 13th Century, the building was destroyed by fire in 1889, and the present Astbury Hall was rebuilt in 1891 by the mayor of Bridgnorth, Edmund Southwell.
The joint administrators have retained all staff employed by the Estate to ensure it continues to serve the customers associated with Astbury Hall and the Astbury golf course, while continuing to manage the Estate as a going concern, and while seeking new owners to ensure a long term solution to the business, the Hall, golf course and associated lands.
A spokesman for the administrators at FRP Advisory said: ‘The administrators are engaged with creditors - there is a fixed charge security over the freehold and a debenture over various operating entities.’
Report by Calum Fuller