metal talk
instagram Facebook Twitter RSS
metal talk
  KK DOWNING'S ASTBURY ESTATE GOES INTO ADMINISTRATION
11th October 2017



kk downing

Former Judas Priest guitarist KK Downing's 320-acre Astbury estate which he was transforming into a luxury golf resort capable of hosting the Open Championship has gone into administration.

British broadsheet The Times are reporting that Astbury was immediately put up for sale with an asking price of more than £10million.

Administrators from FRP Advisory blamed "tougher economic times within the wider corporate hospitality market", which had put "unsustainable pressure on the cashflow of the estate under its current financial structure".

kk downing

FRP said that it had been appointed to handle the administration of four companies who collectively own and operate the historic stately home, golf course and hospitality business. The four companies are Astbury Estates, Astbury Hall, Astbury Development Company and Ken Downing Limited.

According to Alastair Massey, joint administrator and an FRP partner, the estate near Bridgnorth would continue to run as normal pending a sale of the business, including Astbury Hall.

This news comes a year-and-a-half after KK bought out his Birmingham based partners. His vision for the the estate included forty holiday homes, a hotel, spa and another nine-hole golf course.

KK told The Shropshire Star:

"We have had a fantastic season; things were going really well. We had plans for an hotel that we were doing really well with. Obviously there was a necessity for a funding element.

"The company took out a short term mezzanine fund in early August to take us through to March. This was essentially to bring in professional architects and a team from London. Everything was in place as far as we were concerned.

"Unfortuntley about six weeks into the loan we were served a short-term notice about breaches.

"We are at the moment looking to re-finance that loan. We were taken aback that the funder was not more flexible with us as partners.

"Obviously the Astbury is an extremely valuable asset and we have to be cautious and careful. We are on the case.

"This isn't anything to do with owing money. We are still open for business and are operating."













 


metal talk © All written site content is copyright MetalTalk.net 2008-2017, unless otherwise stated, and is not to be used without prior permission.