I am shocked to read the finances for Bridlington Golf Club for the years up to 31 December 2016 and up to 31 December 2017.
Up To 31 December 2016
The accounts state that a profit of £90,077 was made. This was achieved due to a one-off payment for HMRC Protective Claim of £138,551, without which there would be a loss of £48,474.
Up To 31 December 2017
The accounts state a loss of £67,379.
Building The Hotel
Having studied the accounts, handed to me by a disgruntled golfer, I am of the opinion that the Golf Club will need to borrow £600,000 to build the hotel. This would need to be paid back at £100,000 per year. Once the current rent of £45,000 is deducted this would leave £55,000 to find.
Added to last year’s loss of £67,379, this equates to £122,379 loss per year.
I believe this is a massive gamble that could result in bankruptcy.
With bankruptcy, might we see the golf course being sold to a private developer, to clear the debts, who would then seek planning permission to build houses?
I am very grateful for previous donations which have financed Facebook adverts exposing the conduct of ERYC.
Donations are invited and gratefully received to pay for future Facebook adverts.