1st July 2020
The club’s senior section asked for an update to go in their ‘Senior Moments’ quarterly newsletter. Here is the article:-
Dear Senior Moments
We write to give you an update as to progress in regard to the acquisition process that we have been engaged in for the last few years with the Jessup family. As you will appreciate until the transaction has completed we are not fully at liberty to furnish you with the details of our plans, that would be disrespectful to the current owners. You should by now have received Simon’s update which this email expands on a little.
We hope that you are all keeping safe and well and have avoided the effects of this awful Coronavirus pandemic. I’m sure, like us, that you’re looking forward to the relaxation of restrictions, and life slowly getting back to normal, whatever that may be going forward! After the delays created by Brexit, we were then presented with this period of hiatus caused by the Covid-19 lock-down, now however the future position is starting to come in to focus for the club, country and indeed globally.
So let us turn our attention to the matter at hand. We know that you are seeking some clarity around the future direction of the club, but the truth is that we just can’t give you a detailed answer to that until it is our position to do so. That said, we can confirm it is fully the intention of the buyer to maintain Richmond Park Golf Club.
You are probably by now aware that the original funding plan for the development of the course and surrounding area was to be achieved using a Bond product. The promotion process did not achieve what was hoped for and so we are working with a more traditional funding model, with an existing funding partner. We are still working with the original investment team, that has not changed.
The reality is that structuring a transaction of this nature takes time to achieve even in normal circumstances, let alone the times we find ourselves in. Funders always require security, something both Brexit and the Covid-19 crisis have not provided for. Coronavirus has had an effect on the funding partner’s approach as understandably they became more cautious until a route out of the crisis became clearer. It has been a frustrating and time-consuming period and process, but one that is about to bear fruit.
We do understand that the sale of the club is an extremely important topic for many of you who have been members for a very long time, we do thank you for your patience and understanding so far. All we can ask is that you bear with us; for the benefit of the club, its members and the surrounding area.
Helvetica Capital Board of Directors