Administrators inundated with offers for rock star’s failed corporate hospitality business
Administrators acting for the Shropshire-based stately home, golf course and related corporate hospitality business owned by the former guitarist of Birmingham heavy metal band Judas Priest, KK Downing, say they have been inundated with offers to buy the business.
Alastair Massey and Steve Stokes, partners at FRP Advisory, were appointed last month as joint administrators to Astbury Hall Estates Ltd, Astbury Estates, Astbury Development Company Ltd and Ken Downing Ltd – collectively known as “the Estate”.
The collapse of the business has been blamed on the tougher corporate hospitality sector.
In the intervening period, the joint administrators have continued to let the various businesses trade as normal. The golf course remains open and bookings are being taken for a range of corporate hospitality and private functions for both Astbury Hall and the Astbury golf course.
The joint administrators said they had received numerous approaches for the Estate from a wide range of potential buyers, both in the UK and overseas.
Alastair Massey, joint administrator and partner at FRP Advisory said: “We have received substantive expressions of interest in the Astbury from around 50 parties, resulting in our evaluation of multiple competing offers for the business and assets.
“Buyer interest has been international and we are currently negotiating with a number of competing parties based in both the UK and overseas.
“We shall continue to engage with interested parties in the Estate and negotiate with potential new owners, as part of our duties to ensure a long term solution to the business and lands in the interest of creditors. The joint administrators will continue to review the ongoing financial position while we remain highly focused on engaging with interested parties.”
The Astbury is a popular par 71, 18-hole championship golf course used by both professionals and amateur golfers and sits within over 300 acres of land belonging to the Estate. The course is currently ranked within the top three courses in the UK according to golfshake.com.
Astbury Hall is a Georgian designed stately home located close to Chelmarsh in Shropshire. Originally built during the reign of Henry III in the 13th Century, the building was destroyed by fire in 1889, and the present Astbury Hall was rebuilt in 1891 by the mayor of Bridgnorth Edmund Southwell. The Astbury is often hired out for corporate or charity golfing events and can provide catering for up to 60 guests within Astbury Hall’s dining rooms.
