O’Brien firms linked to PGA Catalunya golf resort clip losses

The group of companies that owns, operates and develops property at PGA Catalunya, Denis O'Brien's golf resort near the Catalan town of Girona, cut its operating losses last year despite the impact of Covid-19.

Murryhill Holdings, a UK-registered company that is ultimately owned by one of Mr O'Brien's companies in the Isle of Man, recorded a 27 per cent drop in revenues last year to £22.7 million (€26.7 million). As well as the impact of the pandemic, it said there was also "some impact from Brexit on UK customers" but it doesn't expect this to last for the long term.

It recorded an operating loss of £1.8 million, an improvement on the £2.3 million operating loss the previous year. The company gained more than £1.3 million on a land sale deal, which helped to more than halve its bottom line losses.

The company cut more than 120 staff over the year, with employee numbers falling to about 190. It also invested £3.5 million in a new wellness centre, which opened at Catalunya in April this year.

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Murryhill was listed for strike off by UK authorities last month, but this threat was discontinued after its filings were updated and “cause was shown” as to why it should not be struck off. Days later, a corporate secretarial agency was terminated as Murryhill’s company secretary.

Mr O'Brien, who separately owns the Quinta Do Lago golf resort in Portugal, first invested in European golf sector more than 20 years ago when he took over a then-listed business, PGA European Tour Courses.

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 revenues last year are linked in its accounts to its property business.

John Ryall and Georgina Keane, two long time associates of Mr O'Brien, are among its directors.