One of Ireland’s top golf courses, Druids Glen in Co Wicklow, has successfully exited examinership, following agreement between the parties involved.
Druids Glen Golf Club Ltd (DGGC), which owns and operates the Druids Glen Golf Course, had sought High Court court protection a few weeks ago after Gulland Property Finance Ltd, which acquired a loan made by Anglo Irish Bank to Lakeford Ltd, a related company of DGGC, appointed a receiver over the 18 hole championship course.
Gulland said it was owed some €4.85m by the related company and it appointed the receiver over the golf course at Newtownmountkennedy, Co Wicklow, after its demand for payment was not satisfied.
Following the receiver’s appointment, DGGC went to the High Court seeking to have the receiver removed and an interim examiner was appointed.
The matter returned before the High Court yesterday when Ms Justice Caroline Costello was told by Patrick Leonard, for Druids Glen, that an agreement had been reached with Gulland.
Counsel said Druids Glen and Lakeland had secured funding by way of investment from Candarlii Ltd, a related company within the Druids Glen group, and a €1.8m loan from AIB, which had supported the application for examinership.
As a result, monies had been paid to Gulland, satisfying their debt.
Counsel added that Druids Glen had funds to pay off all of its preferential and trade creditors.
Those creditors will be paid shortly, the court heard. It had also agreed to pay the interim examiners costs, counsel said.
The company was no longer insolvent, and was seeking to withdraw its application for examinership, counsel said.
In a sworn statement to the court Donal Flinn, a director of Druids Glen, said the company had worked tirelessly since the appointment of the interim examiner to secure funding to discharge the company’s debts.
Ms Justice Costello agreed to withdraw the petition for examinership, and welcomed the company’s agreement with its creditors.
The course, which employs 36 people, has previously hosted a number of Irish Open golf tournaments in the 1990s and in 2002 the Seve Trophy — the competition where Ireland and Britain’s top professional men’s golfers take on Continental Europe’s top players.
The adjoining Druids Glen five-star hotel, and a second 18-hole course, the Druids Heath Golf Course, were not part of the examinership process.
© Irish Examiner Ltd. All rights reserved