Macreddin Receivership?

Dylan69

Guys,

Anybody out there who have experince in golf clubs being into receivership and what it means to the members (Shareholders)??

I'm a member at the club and i want as much info as i can get before i attend the meeting between the members and the reciver which is being held tomorrow in Wicklow.

D69

soundsham

have not been where you are thankfully but here's my twopence

you will be met by someone acting on behalf of the new owners probably someone from PWC acting on behalf of one of the banks

they will tell you that as members ye are at the back of the list of creditors so if it closes and everything was sold ye will get whatever is left when all others are paid..........nada in plain english

NOTE THE RECIEVERS JOB IS TO GET AS MUCH BACK AS POSSIBLE FOR THE BANK

they will tell you they are trying to find a buyer for the club
some chance of that happening now:eek:

BE PREPARED FOR REDUCED MEMBERSHIP FEES, AN INCREASE ON YOUR QUOTA OF MEMBERS, OPEN DAYS, REDUCED GREEN FEES,STAFF REDUCTIONS,SALE IN THE SHOP AND ANYTHING ELSE TO GET A MONEY IN THE DOOR AS SOON AS POSSIBLE

what will really go down is the bank will give the reciever 6 monthes or a year to
1 sell it as a lot first or in parts if this is possible
2 get as much money in as possible in a period of time to weigh this up against the cost of closing it
3 see if it is viable to keep it on untill the economy recovers a little and the try sell it again

you may be better off with the bank for the moment but a new buyer can decide to do what they want .......even turf ye all out and open a pay as you play if they like

good luck

1916

Soundsham sums it up pretty well. The club is probably in dire straits, the receiver is appointed primarly to access if the business is viable as a going conecern, not as it stands, but if various 'adjustments' are made can it give a reasonable return for the stakeholders. For a playing members perspective you may notice changes. Perhaps it may work out, the present operators may not be good and there maybe a 'better way'. I hope things work out, as its great to have new course open up

jimmystars

soundsham wrote: »

BE PREPARED FOR REDUCED MEMBERSHIP FEES, AN INCREASE ON YOUR QUOTA OF MEMBERS, OPEN DAYS, REDUCED GREEN FEES,STAFF REDUCTIONS,SALE IN THE SHOP AND ANYTHING ELSE TO GET A MONEY IN THE DOOR AS SOON AS POSSIBLE

Sounds like Blarney gc. Played it twice recently and imo it is dropping its standards.
Would not like to be a member as both rounds were hopelessly slow, late starting and the course was full of dangerous hackers. Nearly got hit with a ball. Tee boxs were not mown in about a week and no sign of a course marshall. Chatting to a newly joined member and he is reconsidering his monthly fee because the above mentioned is a regular problem according to him.
Sad to see any course course go like that but sign of the times i guess. Might be time to start looking elsewhere for next year if it turns out like Blarney.

Berti Vogts

1916 wrote: »

Soundsham sums it up pretty well. The club is probably in dire straits, the receiver is appointed primarly to access if the business is viable as a going conecern, not as it stands, but if various 'adjustments' are made can it give a reasonable return for the stakeholders. For a playing members perspective you may notice changes. Perhaps it may work out, the present operators may not be good and there maybe a 'better way'. I hope things work out, as its great to have new course open up

Receiver is purely there to enforce the bank's security, not to assess whether it's viable. An examiner is put in to try to make adjustments to the business. Topic might be better off in the legal discussion.

PhilipMarlowe

I think it's OK here so long as people discuss the material differences it makes to members without scare-mongering or unhelpful speculation.

Dylan69

Thanks for that guys!

I played there last night and the course is in tip top shape as ever. Standards has never drop there! The greeens were top class as ever.

I just think that there isn't enough playing guest during the week and weekend and the members aren't coming out in full force during competition. To me , some of them think being a member is a social thing to them.

Granted it's a tough course in terms of being hilly and the walk does test your stamina and mental game. But i have been here for almost 12 months and i getting through it easy. I once played in another golf course couple weeks back and i walked the course very quick and posted a 84 (could had a 78 if wasnt for the lake where i lost 2 balls)

soundsham

jimmystars wrote: »

Sounds like Blarney gc. Played it twice recently and imo it is dropping its standards.
Would not like to be a member as both rounds were hopelessly slow, late starting and the course was full of dangerous hackers. Nearly got hit with a ball. Tee boxs were not mown in about a week and no sign of a course marshall. Chatting to a newly joined member and he is reconsidering his monthly fee because the above mentioned is a regular problem according to him.
Sad to see any course course go like that but sign of the times i guess. Might be time to start looking elsewhere for next year if it turns out like Blarney.

heard similar 5hr + rounds
and 600+ members have 2.5-3hrs to get out on sat/sun:eek: in comp

soundsham

Licksy wrote: »

I think it's OK here so long as people discuss the material differences it makes to members without scare-mongering or unhelpful speculation.

agrred it's a golfing matter that unfortunately is becoming a problem for many members and i think this is where it belongs so fellow golfers can note how it has affected their club both positively and negatively

dylan69
please come back to tell us how your meeting goes

BUACHAILL

I agree !!

I have a few close friends who are members here and its an awful shame if it goes.
However I do feel they did not do enough to help themselves, they ran a fourball event every friday which was great value and always had a fully booked day, yet if you wanted to get out on a Tuesday etc it was 50-60 euro and they wouldnt budge on this yet I know for a fact that the course was empty !! doesnt make sense

Dylan69

Yeah the rates are quite high for a midweek but i can understand where they are coming from, it's a quality course .But it's long and hilly for the average golfer i suppose! . Sat/Sun comp normally takes 4.5 hours which is fine i reckon for a course that long and hilly. (Only 5-6 holes where you have to walk a steep slope as the rest is pretty flat or slight downhill/uphill)

The idea of having a fourball or open comp will attract vistors from all four corners of the country, i agree!

I'm hoping the meeting will be of benefit to the members and they can do something to bring life into the club. It's too good of a golf club to close up.Such a shame. Say a prayer for us!!!

Joining up another club isn't a option for me as i dont have that kind of money to throw away.lol

BUACHAILL

I dont understand where they are coming from quality course or not and I do agree that it is a quality course

they were struggling for memberships, so to get people thinking about joining the green fee should have been very reasonable to begin 20 -30 euro. Once they had filled the quota of members then they could put the green fee back up. makes no sense to ask extortionate prices (in current climate) when you are struggling for members / money when a reduced fee would have put numbers on the course, the course would have done the talking in recruiting numbers

I also think as good a value as the 8k joining fee is they could have reduced this to 3-4k for the next 300 members or so just to get money in, just dont know why they didnt and now they might have to close the gates

sometimes these clubs need to lower there opinion of themselves to stay alive in times like we are in and for such a stunning design there management of the place in my opinion have cost you the members your hard earned dosh, pity for everyones sake

Dylan69

In some way i have to agree with you in terms of reducing the green fees or even the membership fees to attract more guest and future members but i have no doubt that existing members who had paid 30k will feel grieved about this but perhaps it might be the way forward! I just dont know, really!!!!

Well we going to have to wait and see what the banks and recivers want to do now to get their money at tonight meeting! I'm hoping something positive will occur as i love this course so much i could set up camp and live on the 18th green.:)

BUACHAILL

yeah I just wonder how grieved the members who paid 30k feel now that they might not even have a course and the money they paid is wasted ???? I know which option I would have preferred , I also know that Macreddin came to an arrangement with these members when they reduced the membership it should have came down again.

As a member of Coollattin only 15 mins up the road albeit not as stunning a course but very nice all the same for 3k you can get membership and annual sub of €600 as opposed to Macreddin's €1500 a year, also green fees in Coollattin are only 25 euro. Not a plug just comparing the competition around them , think they made it very hard to be competitive and recruit new members around them.

Again hope it survives as I love the place

Dylan69

Great piece of advertisment for Coollattin!!!!

Not bad price wise for membership,annual sub and green fees!

I have never played there but perhaps a visit in order if the Macreddin deal falls through which i hope it wont happen!

I'm glad i joined this forum, its very handy for info and advices!:)

BUACHAILL

honestly wasnt a plug just a comparison with a local rival

I just wish Macreddin had of been more competitive as the place is special in my opinion

Greens are best I have played on

Dylan69

Yeah i kinda of knew that!!! No worries!!:) Just messing with you.

Well...fingers cross and legs too!:)

BUACHAILL

let us know how the meeting goes

soundsham

any news on the meeting ?

Dylan69

Didnt attend the meeting as i was tied up in work in the north!
I'm waiting to hear back from the receiver's firm to send me the minutes!

Doesn't look good a the moment:(

BUACHAILL

from what I have heard from people who attended it :
Dont jump on me its 2nd hand information:

The guy who owns Macreddin has not completed accounts since 2006
The membership in which you joined was never set up correctly
There is no come back for any golfer in terms of rights carrying forward
You officially have no more use of the golf course or facilities
The hotel might possibly take it over but again you will have to pay to rejoin

Members suggestions were to keep Macreddin Golf Club name and if someone takes it over use this as a lever to help negotiate a membership deal for current members at a loss

Look to sue the guy who set up the club as he never held his end of the bargain e.g eith his accounts, membership status and rights etc, but I cant see that happening

All in all from what I have heard basically you have no more rights on the course and will receive nothing for your troubles

As for the course they are unsure of what will happen with it, best possible outcome is the Hotel buy it as owner of hotel already has a million in memberships invested in it and if that happens they might come to an arrangement with current members

Not good reading from what I can see
An awful shame

Dylan69

Cheers for that!!!

Certainly don't look good for me as i joined in 2008. This will seriously effect my game as i can't afford to go and join another club! Macreddin Golf Club and it's owners has seriously let me and the other members down!:mad:

Pay to rejoin the club isn't an option for me!!! And seriously why would i again do that and yet the club probably won't guarntee that it will improve or even set up affilication with GUI.:(

Just praying something will come good at the end of this!!!:mad:

BUACHAILL

well for the annual sub of €1500 that you will pay you can get full memberships in other clubs eg Arklow....just an idea

Dylan69

True,

But that the idea of giving 8k to Macreddin last year for them to fiddle around annoys.
There must be a way of recovering the membership that member lost as it's a preference share so there must be legal agruments here.

I love to play at Arklow but the idea of losing 8k is killing me here!! Doubt it the wife will be pleased!!!! :eek:

Hobart

I'm sure that most members will feel the same, and I doubt that they will take it lying down. What I would suggest is that you make it your business to go to any creditors/members meetings and garner as much info as you can. If the above is true, there should be some formal group of members who will take the appropiate action. You'd be surprised, but members are made up from all walks of life, IT consultants, butchers, and some are even solicitors .

ShriekingSheet

Jebus... this is bad.

soundsham

sounds very smelly:(

nanook

i dont think it is an option for members to rejoin the club (under whatever names it goes under) as members have to pay the annual subs.

There is a membership base there already which should generate income with immediate effect. Its the inaugural members I feel sorry for.

I think the course will remain open but I would not hold your breath for the Hotel to buy, of course they will buy the course but it will not be until they have too so expect the course standard to drop as, and this is only my feeling, it will be open season and reduced green fees to the tills full.

Dylan69, how did you play today......\

Nemesis

Hopefully joining on fees will become a thing of the past.

I'm pushing to have Woodenbridge get rid of theirs.

I played Macreddin last Wed and its a great course.

Dylan69

Would you belive that after last night storm, i decided to have a lie in and forget a game of golf (unlike me). Waht did i see when i woke up late, sunshine and little breeze.!!! shocking. I couldnt convince the wife i shd go a later time, there was a family outing in the afternoon to do!

Ah well will play tuesday and Wednesday late evening for 9 holes to make up for it!!!:)... Anybody up for that???

Wife's birthday tomorrow so that a no go!!! :mad:

nanook

Dylan69 wrote: »

Would you belive that after last night storm, i decided to have a lie in and forget a game of golf (unlike me). Waht did i see when i woke up late, sunshine and little breeze.!!! shocking. I couldnt convince the wife i shd go a later time, there was a family outing in the afternoon to do!

Ah well will play tuesday and Wednesday late evening for 9 holes to make up for it!!!:)... Anybody up for that???

Wife's birthday tomorrow so that a no go!!! :mad:

I will see you on tge first tee on Tuesday @ 7. Weather permitting we can get a buggy. ( you should be able to work out who it is by now seeing as youtexted me Saturday evening )

Dylan69

nanook wrote: »

I will see you on tge first tee on Tuesday @ 7. Weather permitting we can get a buggy. ( you should be able to work out who it is by now seeing as youtexted me Saturday evening )

Nanook, Dont tell me...you'r Tiger Woods!!!


Get your ass out on first tee @6.45pm so we can get thru 9 holes!!!

nanook

you could not even play,

See you sunday.

You going to the meeting on thursday

Dylan69

Yeah i will do my best to attend that!

Finish at work at 5.30 so might go and whack a few balls before the meeting!!!:)

nanook

not a bad idea, good driving range in greystones

Dylan69

Probably more likely in Leopardstown. Good driving range. You can put your balls into a machine under the mat and the rubber tee pick it up and tee up and u can change the height of the tee by pressing the buttons.

Handy!!!!:)

nanook

just realised this is going off topic, sorry mods

Dylan69

tut tut nanook...

Back to the subject....meeting tomorrow with the members and form prob a committee!!!

nanook

hs the formation of a new committee been mentioned anywhere.

just curious

Dylan69

As far as i know, the committee will be set up tomorrow with a voting system. That my take from the email i recived from Steering committee chairman