Receivers appointed to Castleknock Golf Club
Club will continue to trade as normal with no change in status for members
tReceivers said there would be no change in status for members of the club.
Receivers appointed to Castleknock Golf Club in North Dublin have said the club will continue to trade as normal.
Declan McDonald and Ken Tyrrell of PwC said all employees and suppliers were being retained and there was no change in status for members of the club.
“The receivers are working with management, key staff and suppliers to ensure the club continues to operate on a ‘business as usual’ basis,” they said in a statement.
The popular Vue restaurant, located at the club, will also continue to operate and accepting bookings as normal.
Mr McDonald added later that while the “long-term plan” was to sell the club the decision would not be rushed.
It is understood the decision to call in receivers yesterday was prompted by mounting debts at its owner Monarch Properties.
In its most recent annual financial report, the north Dublin-based development group reported losses of almost €2.95 million for the 12 months to April, 2012.
That included a loss of €137,027 for 133-acre Castleknock Golf Club.
However, that figure marked an improvement from the €355,957 loss reported by the club the previous year.
Apart the Castleknock club, Monarch has built many of the country’s largest shopping centres, including The Square in Tallaght, along with centres in Dundalk, Drogheda, Navan and Athlone.