Wentworth, the exclusive private golf and country club in Surrey, has posted better than expected financial results in 2019 as it pushes forward with plans to become a Debenture-only Members Club. Pointing to strong interest in its Debenture Membership program, and more efficient operational processes in cash management and purchasing, for the year to December 31, 2019 the Club’s operating losses narrowed to £2m, from a loss of £5.8m in 2018.
“What pleases me most about these results is that whilst we have made significant progress in improving how the Club is operated, we have also continued to add value to our Debenture and enhance the overall Membership experience,” said general manager Neil Coulson who was recruited from KPMG in May 2019. “Going into 2020, we will continue the good work started last year and are forecasting further improvement in the financial performance at year end. In addition, we will continue the investment programme which has already seen more than £25m invested into the Club since 2015 and have identified several projects for 2020. We believe we are now on track with our ambitious plan to make Wentworth one of the leading private Member golf and country clubs in the world.”
Wentworth’s three golf courses include the iconic West Course which is one of the most prestigious golf venues in the world and since 2005, has been the annual host of the European Tour’s flagship event, the BMW PGA Championship. The total Debentures issued since the inception is around 400. New Debentures are priced at £150,000 and entitle a family access to all of the golf and leisure facilities at the Club. The recent introduction of new age categories enabling three generations in a family to be Members has proven popular and is driving renewed interest in joining the Club.
There is an interim target in place of 550 which the Club are confident they will achieve in the next 24-30 months. Debenture sales in 2020 are showing similar growth rates with the number issued significantly up year-on-year and this trend is expected to drive profitability towards breakeven in the next two years.
Wentworth is owned by Reignwood, an independent Thai-Chinese investment company which bought the Club in 2014. Reignwood also owns Ten Trinity Square in the City of London, which houses a luxury hotel, residences, and a private members club.
