Golf club bought for £10 million, now being sold for £2 million!
Council to lose millions on popular golf club based in Norwich.
Popular UK golf club Barnham Broom Golf and Country Club based in Norwich is privately being sold for £2 million when it was purchased for £10 million in 2006.
Breckland Council now faces losing millions, as locals will no doubt be asking a number of questions as to what has gone so badly wrong at the golf club over the past 16 years.
They purchased the golf club in 2006 for £7 million, but then spent another £1 million on taxes and an additional £2 million doing it all up.
According to Eastern Daily Press, the council "first tried to sell the venue in 2018 to the current tenants for £6.5m, but since then its value has collapsed further and according to council papers, it is planning to sell the asset in the next financial year for just under £2 million.
"It is understood that the current tenants are the only business in the running to buy it.
"The papers do not name the asset as Barnham Broom and the council has kept all its dealings about the club private, citing 'commercial confidentiality'.
"But several sources have confirmed to this newspaper that the £2m “asset sale” is Barnham Broom."
Should the sale go through, it will represent a staggering £8 million loss for taxpayers.
One source told EDP: "They could have stuck that money under a mattress and got a much better return."
Click here to read more about the issues at the golf club and the impending sale.
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