SHERDONS GOLF CENTRE Tredington Tewkesbury Gloucestershire GL20 7BP

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1 For Sale SHERDONS GOLF CENTRE Tredington Tewkesbury Gloucestershire GL20 7BP A rare opportunity to acquire a freehold 26 bay floodlit golf driving range, 9 hole golf course and clubhouse with an established trading record.

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3 For Sale SHERDONS GOLF CENTRE Tredington Tewkesbury Gloucestershire GL20 7BP n 2,654 yard (par 34) Manor Golf Course (established 1992) in mature setting n 26 bay floodlit golf driving range n Practice facilities n Attractive 430 sq m (4,625 sq ft) clubhouse fitted and equipped to a good standard, with living accommodation n Greenkeeping facility n Circa 28.5 hectares (70 acres) n Freehold n Established proprietary golf centre with further potential for commercialisation n Commercial trading location between Cheltenham and Tewkesbury in Gloucestershire Tewkesbury 3.0 miles Cheltenham 7.0 miles Gloucester 9.5 miles n Average turnover 416,000 with average EBITDA of 66,000 (16%). n 2012 Turnover 464,000 with 92,617 EBITDA n Circa 300 green card holders n In the same family ownership since opening in 1992 and now offered to the market as a retirement sale Offers invited in the region of 750,000

4 Introduction GVA is instructed by Sherdons Golf Ltd to offer Sherdons Golf Centre to the market. Opened in 1992 as farm diversification scheme and in the same ownership since its inception, Sherdons Golf Centre is a well presented and profitable golf business in an attractive location between Cheltenham and Tewkesbury. This established family business, which is being sold as the Directors are at retirement age, is considered ripe for further commercialisation. Offers in the region of 750,000 are invited for the freehold interest in Sherdons Golf Centre.

5 Location Sherdons Golf Centre enjoys tranquil, yet commercial trading location in Gloucestershire, situated between Cheltenham and Tewkesbury. A location plan is shown at the end of the brochure. Approximate travel distances to the property are: Tewkesbury 3.0 miles Cheltenham 7.0 miles Gloucester 9.5 miles Evesham 15.0 miles Worcester 19.0 miles (source The AA) The AA s estimated travel time between the Sherdons Golf Centre and central Tewkesbury / Cheltenham are 7 and 17 minutes respectively. Access to the property is via country roads leading from the A38 (linking Tewkesbury to Cheltenham / Gloucester) the A46 (linking Tewkesbury to Evesham) or the A435 (linking Cheltenham to Evesham). The property is positioned adjacent to the M5 Motorway, but is screened by substantial earth bunds that were constructed when the course and driving range were built. The Centre is situated approximately mid-way between J9 and J10 of the M5.

6 Description of the Property Purchased from the Wedgwood Estate in 1917, the property has been handed down through generations of the Chatham family, who are still the current owners. Sherdons Golf Centre was established in 1992 and is laid out over c hectares (70 acres). A site plan is shown at below. The facilities comprise: 9 Hole Golf Course The 9 hole Manor Golf Course has gained a reputation for being one of the most enjoyable courses to play locally and benefits from magnificent views towards the Malvern Hills and across to the Cotswold scarp. Carefully designed to make golfers think about each shot, with dogleg left to right and right to left fairways, coupled with the strategic use of water, hedges, trees and bunkers, the course provides a challenging round for players of all abilities. The course extends to 2,654 yards (par 34) and comprises three par 3s, five par 4s and one par 5. The course was designed specifically as a 9 hole course for the land on which it stands. Ancient hedgerows were maintained where possible and in places, the original well defined Ridge and Furrow, (dating far back to the medieval feudal system of strip farming) still gives definition to these old field lines. The pond, adjacent to the 3rd fairway and the 5th green, is an ancient dew pond.

7 We are advised that the greens and tees throughout the course have been constructed to USPGA specification and are generally regarded as some of the best in the area. An automated irrigation system with pop up sprinklers is laid to greens and tees. All teeing areas have a permanent winter tee in addition to the grass tees. The golf course benefits from a comprehensive drainage system, which was installed at the time of construction and has been upgraded since. The feature holes on the course are perhaps the 510yd (par 5) third and the uphill 139yd (par 3) sixth.

8 Floodlit Golf Driving Range The 26 bay floodlit golf driving range is situated adjacent to the clubhouse, close to the northern boundary of the property. The range is of timber frame construction with timber elevations under a profiled sheet metal roof and comprises 20 covered bays and 6 open bays. The spacious bays, each bay being suitable for left or right handed players, were carefully designed, not only with freedom in mind, but to enable golfers to move around in a safe environment with solid bay dividers between. 5 of the bays are fitted with Power Tees. Two piece full weight range balls are dispensed from a Range Servant ball dispenser positioned within the range (with a ball storage / wash area behind). The range outfield is 275 yards long (+75yard overrun) and 160 yards wide, which enables golfers to see theirs shots land, even following a hook or slice. The outfield is backlit by an array of Metal Halide floodlights, which allow golfers to easily follow their ball once in flight. A full drainage system has been installed under the outfield to permitting year round play. The range structure includes ladies and gents changing rooms, office and a storage room. The office is surplus to requirements and potentially suitable for a variety of alternative uses. Practice Facilities An irrigated practice putting green is located in front of the clubhouse, close to the 1st tee. A practice bunker is positioned beyond the open bays at the northern end of the golf range.

9 Greenkeepers Building The greenkeepers building is positioned close to the golf range and 1st tee, with access leading from the Centre s main car park. The 239 sq m (2,573 sq ft) building is of steel frame construction, with concrete block and profiled metal sheet elevations under an asbestolux roof. The accommodation comprises machinery storage areas, workshop, chemical safe / fertiliser store, mess room and office, with a mezzanine storage area. An area adjacent to the building is used for machinery washdown and storage of course materials. Clubhouse The attractive clubhouse is situated close to the entrance to the property, with views over the practice putting green towards the 9th green and 1st tee. The DDA friendly clubhouse, opened in January 2007, defies convention and provides a light and airy environment and welcoming atmosphere for golfers and nongolfers alike. The mainly single storey building (with residential accommodation at first floor level) extends to approximately 430 sq m (4625 sq ft) and is of steel and timber frame construction with timber and glazed elevations under a Kingspan zipped roof system. The accommodation comprises: Ground Floor n Entrance lobby with reception desk and golf retail area n Ladies, Gents & Disabled WCs n Lounge bar / function room (up to 90+ covers) with removable dance floor n Committee / meeting room n Kitchen (commercially fitted & equipped) with associated store rooms n Bar store / cellar n Cellar n Staff WC First Floor n Apartment comprising: Double bedroom Bathroom Living / dining room with kitchen off Balcony A marquee is permanently erected adjacent to the southern elevation of the clubhouse, with direct access into the bar area. Principally used for events and functions, the marquee provides seating for 45 people. The main public areas of the clubhouse are furnished, fitted and equipped to a good standard. The property is approached along a tarmac access road via a secure gated entrance. A stone surfaced car park adjoins the clubhouse and provides ample parking for golfers and other clientele. Tenure & Possession Sherdons Golf Centre is freehold. All aspects of the business are operated in hand with the exception of tuition, which is supplied via self-employed golf professionals. The apartment in the clubhouse is currently vacant. We are instructed that vacant possession of Sherdons Golf Centre will be available on completion of the sale, subject to the green car holders annual golfing rights.

10 The Existing Business Sherdons Golf Centre is a highly regarded golf facility and benefits from an established trading record. Since opening in 1992 the Club has been operated by the Chatham family and is being offered for sale as the Directors are now both at retirement age. Despite the Club s established trading record it is considered that the current proprietors traditional approach to management means that the business has not been fully exploited and offers considerable scope for commercialisation. Trading History We have been provided with trading accounts for Sherdons Golf Ltd for the years ending 28 February along with the draft accounts for the year to 28 February The accounts can be summarised as shown below: Feb 13 Feb 12 Feb 11 Feb 10 Green cards 84,659 94,674 93,547 91,065 Green fees 96, , , ,333 Range 79,940 90,079 80,163 83,892 Bar 32,835 38,894 36,611 33,932 Catering 47,990 47,189 58,791 62,065 Food & drink 11,192 14,223 12,901 13,970 Retail 15,647 20,891 12,512 16,016 Misc 5,188 29,290 (4,839) (5,861) Turnover 373, , , ,412 EBITDA 42,044 92,617 58,162 72,467 EBITDA earnings before interest, tax, depreciation and amortisation, stated before Directors remuneration. Over this four year period the Club has achieved an average annual turnover of c. 416,000 and an average EBITDA of c. 66,000 (16%). It is important to note that the 2010 and 2012 calendar years are regarded as two of the most challenging for the golf sector in modern times. During these periods the ongoing struggles of the current economic situation were exacerbated by two of the wettest / coldest years on record: wet weather being particularly impactful on pay and play businesses. The negative impact of the wet weather is particularly reflected in the business trading performance in the financial year to 28 February Detailed trading accounts and full commentary on the business will be made available to parties who have made an accompanied inspection of the property. Membership Membership is available via an Annual Green Card, which provides annual use of the course and membership of the Sherdons Golf Club. The current fees for Annual Green Cards (inclusive of VAT and affiliation fees) are: 7 Day Day Colt Junior Green cards are renewable on either 1st April or 1st October each year. There were c. 300 green card holders as at March 2013.

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12 Sherdons Golf Club Sherdons Golf Club was set up for handicapping and competition purposes and is an autonomous organisation with its own regularised Constitution in line with the County and National Affiliation regulations. The Club is administered by a Club Committee comprising members and an owner s representative. The owners have total power of veto if required. Members are offered 10% discount on the range along with advantageous discount prices at local golf courses and at a local health and fitness centre in Tewkesbury. Green Fees Green fees are a pivotal part of the business. Green fees are charged on a peak and off peak basis peak periods being from 2.00 pm on Friday through to close of play on Sunday (or Bank Holidays). The green fees for the 2012 and 2013 seasons are: Off Peak holes Juniors holes Juniors Peak holes Juniors holes Juniors Seniors receive a 1.00 discount Monday Thursday for play before 4.00 pm.

13 Range fees Range fees for the 2012 and 2013 seasons are: balls Small basket Regular basket Ten unit card 30, Equipment Hire A range of equipment is available to hire from buggies, electric trolleys, 3 wheel and 2 wheel push trolleys, clubs and shoes. Full details are available on request. Societies Sherdons Golf Centre welcomes societies and corporate events on weekdays and after am on weekends. Summer 2013 society prices (per person) for parties of 12 or more golfers are available from: Coffee & bacon roll 9 holes of golf Coffee & bacon roll 9 holes of golf 2 course lunch Coffee & bacon roll 18 holes of golf 2 course meal 28.00

14 Conferences, Weddings & Functions Sherdons Golf Centre has established a strong local reputation as a business, function, private party and events venue. Hot food is served daily from to parties and events were hosted in the calendar year to 31st Dec 2012; with 92 parties and events have already taken place / been booked for the current calendar year. Whilst prices are tailored to individual requirements, standard charges include: Simple Finger Buffets from per person 2 Course meals from per person 3 Course Dinners from per person Licences Tewkesbury Borough Council Licensing Department confirms that the property has been granted a Premises Licence under the Licensing Act The hours during which the premises are licensed to sell alcohol are: Monday Saturday Sunday The licenced opening hours are extended during the National Hunt Festival, Bank Holidays and on New Years Eve to to (02.30 on New Year s Eve). Golf Course Maintenance Equipment Sherdons Golf Centre has a full complement of golf course maintenance equipment (of mixed age), all of which is owned outright and is included in the sale. Rateable Value The Valuation Office Agency confirms that the Rateable Value of the golf course and premises is 31,750 (with effect from 1st April 2010). Staff In addition to the 1 full time Director, the Centre currently employs a full time staff compliment of 6, comprising: a Head Greenkeeper; Apprentice Greenkeeper; Catering Manager; Catering Assistant; Administration / Receptionist and an Apprentice Administrator. Additional part time staff are also employed including 1 Greenkeeper; 3 Weekend Catering Staff; and 3 Receptionists. It is understood that TUPE will apply to the sale of the property / the business. Services Clubhouse Mains water & 3 phase electricity Private drainage system (Klargester Biodisk) Telecommunications CCTV Intruder alarm system Electric cooking Oil fired heating Greenkeeping Building 3 phase electricity Alarm Range 3 phase electricity Mains water Private drainage Golf Course Water for the golf course irrigation system is supplied from the mains. The pump house for the irrigation system is located by a lake on the 17th fairway. However, provision has been made for water to be drawn from the lake with some small additions to equipment.

15 A435 Evesham A449 Ledbury M50 A438 1 Tewkesbury 8 M5 9 A46 SHERDONS GOLF CENTRE A417 Bishop s Cleeve A Cheltenham A40 Gloucester 11a A40 Energy Performance Certificate The clubhouse has an Energy Performance Asset Rating of C 70. Town & Country Planning Tewkesbury Borough Council confirms that the property currently falls under the Tewkesbury Borough Local Plan to 2011 (adopted in March 2006) and the Saved Local Plan policies which arise from it. The principal planning permissions for the property include: 90/95380/FUL Erection of 20 bay driving range and associated facilities 92/8714/696/FUL 01/8714/0224/FUL Extension to existing golf facility to provide a 9 hole golf course Erection of a golf course machinery and maintenance building Basis of Disposal Offers in the region of 750,000 are invited for the freehold interest in Sherdons Golf Centre. 03/8714/1518/FUL Construction of a new clubhouse with shop, lounge/bar kitchen, first floor flat, with car parking and terrace. There are no public footpaths or private rights of way over the property. Stocks are to be taken over by the purchaser at valuation on completion. The sale contract will include a clause that reserve a percentage of future non golf / leisure development value to the vendor, along with provisions for life memberships for the vendor. The vendor is willing to remain with the business as a consultant, or to work on a part time basis for the next 24 months, if this is of benefit to the purchaser.

16 Further Information & Viewing For further information on Sherdons Golf Centre, or to arrange an accompanied inspection of the property, please contact Ben Allen BSc (Hons) MRICS Web Site For a further insight into Sherdons Golf Centre visit Ben Allen BSc (Hons) MRICS ben.allen@gva.co.uk IMPORTANT NOTICE GVA is a trading name of GVA Grimley Limited. Conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property for whom they act, are: (i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/ or The Automobile Association. For identification purposes only. These particulars were produced in July 2013, the photographs were taken earlier. Designed by