Arora and Caring bag Wentworth?
Monday 29th November 2004 18:29
The battle to buy the Wentworth golf club and hotel is about to be won by hotelier Surinder Arora and retail entrepreneur Richard Caring.
They should clinch the resort in Virginia Water, Surrey, for about £130m from property group Chelsfield at the end of this week.
Arora, previously a minority shareholder in the golf club, operates four hotels, at London's Heathrow and Gatwick airports and in Manchester.
He and Caring caused the sale of the club to be postponed last month when they topped a £122m bid tabled by Irish billionaire Sean Quinn.
Another company previously thought to have been interested in buying the resort was the Quinlan Group, which bought the four-strong Savoy Group from US investment company Blackstone earlier this year.
The Wentworth golf club and leisure complex last year posted an operating profit of £6m on a turnover of £17.6m.