Considerable interest in Ballyneety golf club

THE liquidator appointed to Limerick County Golf and Country Club has said that there is “quite a lot of interest” in the Ballyneety-based golf course, the company behind which was wound up in February with more than €2.5 million in debts.

THE liquidator appointed to Limerick County Golf and Country Club has said that there is “quite a lot of interest” in the Ballyneety-based golf course, the company behind which was wound up in February with more than €2.5 million in debts.

Gearoid Costelloe, partner with Grant Thornton accountants, has told the Limerick Leader that there is “considerable interest” in the course, which incorporates over 185 acres of land and was designed by golfer Des Smyth and opened to much fanfare in 1994 by then Taoiseach Albert Reynolds.

“We are having some discussions with potential purchasers at the moment, there is a bit of interest and we are looking at all possibilities for it.

“We are still working on some of the issues that arose with the liquidation and dealing with creditors and statutory issues,” said Mr Costelloe.

He added, with regard to an estimated timescale for the disposal of the property, that it was “probably too early to say”.

“We are in a difficult economic climate at the moment and people are careful about making decisions, but that said, I was quite surprised at some of the interest we have had and I would be hopeful that within the next couple of months that we would have some firm direction as to where we are going with it.

Limerick County Golf and Country Club Limited officially ceased trading on January 15, 2011, but had been in difficulty for some time. Chairman Brian McLoghlin, who chaired the creditors meeting in February, said that the directors, of which there are eight, were “acutely aware of how devastating this decision has been for employees, directors themselves and members”.

“Cash flow problems continued last year and without significant funding it was not realistic to continue and the decision was made to appoint a liquidator,” said Mr McLoghlin, adding that the decision was a “regrettable one”.

Disgruntled members of the club told the Leader after the creditors meeting that the Ballyneety course, was “in danger of falling asunder” if a buyer was not found within three to four weeks.