Reignwood Group has announced the acquisition, by Reignwood Investments, of Wentworth Club from Richard Caring’s WG Acquisition for a total consideration of £135 million.
Dr Chanchai Ruayrungruang, who founded the Reignwood Group in 1984, commented: “Reignwood has a long history in golf development, a profound respect for excellence in every form and deep interest in East-West cooperation.
"As a world-famous golf institution, Wentworth is a key strategic acquisition for our rapidly-growing luxury lifestyle division, whose unique culture we are dedicated to preserving and whose exceptional expertise will inform our golf operations across Asia.”
Caring commented: “In the nine years that I have owned Wentworth, I have received a multitude of offers to purchase the Club. However, I have always looked for an owner with integrity, a recognition of the iconic nature of Wentworth, an understanding of the special place it keeps in so many people’s hearts – an owner who wants to develop the club ever further, improving on what is already a masterpiece, someone with knowledge and experience of the sport and with premium quality international connections and, last but not least, long-term vision.
"In Dr Chanchai and his team at Reignwood, I feel confident that this has been achieved. I know Wentworth is in great hands for the next chapter in its amazing story and I look forward to staying on as non-executive director.”
Chancellor George Osborne commented: “Today’s announcement that Reignwood Group is investing £135m in the UK to buy Wentworth, one of our most prestigious golf clubs, demonstrates the growing relationship between our two countries.
"Strengthening co-operation between Britain and China is not only good for China, but good for UK jobs and investment too, which is why it’s a key part of our long-term economic plan.”
Reignwood Investments continues to seek strategic acquisitions in Europe as part of its international development plan.
KPMG assisted in the transaction as the lead adviser.
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