Club Update – Completion of Land Sale

Dear Member ,

We are pleased to announce that the sale of the land was successfully completed today.

The outstanding funds have now been transferred to our solicitors, who are currently finalising the remaining legal formalities before arranging for the proceeds to be transferred to the Club’s bank account.

Many members may have heard rumours circulating over the past few months suggesting that the transaction had fallen through. While the process did take longer than anticipated, we continued to engage constructively with the developer and explored alternative possibilities to ensure the Club achieved the best possible outcome.

We are therefore delighted to confirm that we have now completed our agreement with Concept Developments Ltd, at the same purchase price originally agreed early last year.

The agreed purchase price remains £1,553,000. A deposit of £77,650 was received by our solicitors last year, and the remaining balance has now been transferred following completion today.

Members may recall that several years ago the Club invested significantly in improvements to replace the squash court roof. This project was partly financed through a loan secured against the Club’s premises. In order to complete the land sale, we are required to redeem this mortgage, which amounts to £52,732.72.

While this represents a significant one-off payment, it is important to note that the loan currently pays interest at a premium over the Bank of England base rate. Redeeming the loan will therefore remove this ongoing financing cost.

This note is intended to provide a brief update on today’s successful completion and highlight the key financial points. We will provide further details and a fuller explanation of the overall process and next steps in a subsequent communication.

Finally, we would like to express our sincere gratitude to all members for your patience and continued support throughout this lengthy process.

With thanks and appreciation,

The Management Committee

11/03/2026