By Seamus Rotherick

One of the world’s most exclusive golf clubs, Loch Lomond, is thought to have now paid off the huge amounts it has owed to its bank.

The golf club does still owe its Cayman Islands-based parent company nearly £36 million however.

The elite club, which reportedly charged a £70,000 joining fee, became symbolic of the troubles wealthy and exclusive golf clubs got into at the peak of the financial crash, when it owed £132 million, mostly to one bank, posting a loss of more than £45 million in 2008 alone. The club was bought out by its members in 2011.

According to herald scotland: ‘Its latest accounts posted at Companies House show the club patronised by wealthy celebrities and professionals still owes £35.6m to Loch Lomond Golf Members Club, the entity set up to relaunch the club, which is registered in the Cayman Islands and said to be owned by members.

‘The debt to the parent has risen by £1.4m, though the club managed to repay the bank £1.2m in 2014. That leaves £2.2m.’ That final amount was due to be repaid by the end of December.

‘Total debt came down from £36.3m to £35.8m, while the shareholder deficit widened from £6.5m to £7.6m,’ reported the paper.

‘However the club managed a sharp improvement in its underlying operating position, lifting its core trading profit from £323,455 to £525,449. Turnover climbed to £9.17m from £8.44m and average monthly staff numbers rose from 182 to 185.

‘The operating loss was cut from £1.28m to £1.05m and the pre-tax loss from £1.45m to £1.15m, after the continuing annual deduction of just over £1m for amortisation of goodwill.’

The directors, chaired by veteran industrialist Sir Nigel Rudd, wrote: ‘The membership base has grown through both member referrals and by introductions made by key business partners to prospective international members.

‘Other than a low level of hire purchase financing all remaining long-term liabilities are in the form of debt due to the parent company.’

IMAGE: Loch Lomond GC

For more on this story go to: http://www.golfclubmanagement.net/2016/01/loch-lomond-golf-club-no-longer-owes-its-bank-money/