The group of companies that own, operate and develop properties at PGA Catalunya, Denis O’Brien’s golf resort near the Catalan city of Girona, cut operating losses last year despite the impact of Covid -19.
Murryhill Holdings, a UK registered company ultimately owned by one of Mr O’Brien’s companies on the Isle of Man, reported a 27% drop in revenue last year to 22.7 million pounds sterling (26.7 million euros). In addition to the impact of the pandemic, he said there was also “some impact of Brexit on UK customers”, but he doesn’t expect that to last in the long term.
It recorded an operating loss of £ 1.8million, an improvement over the previous year’s operational loss of £ 2.3million. The company earned more than £ 1.3million on a land sale deal, which more than halved its loss of earnings.
The company cut more than 120 employees during the year, with the number of employees dropping to around 190. It has also invested £ 3.5million in a new wellness center, which has opened its doors. gates to Catalunya in April this year.
Murryhill was listed for deregistration by UK authorities last month, but the threat was dropped after its documents were updated and the “cause has been demonstrated” why it should not be deregistered. Days later, a corporate secretarial agency was terminated as Murryhill’s corporate secretary.
Mr O’Brien, who separately owns the Quinta Do Lago golf resort in Portugal, first invested in European golf more than 20 years ago when he took over a then listed company, PGA European Tour Races.
PGA Catalunya is located about an hour from Barcelona. It includes two championship courses, a five-star hotel and residential properties developed by Mr. O’Brien’s company. More than half of Murryhill’s income last year is tied in its accounts to its real estate business.
John Ryall and Georgina Keane, two longtime partners of Mr. O’Brien, are among its directors.
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