Loss leaves Clubhaus in the rough

CLUBHAUS, the troubled golf and leisure clubs operator, has unveiled a first-half loss of £9.6m, and tried to put a positive spin on events since its recent restructuring.

Although the core UK Country Club business performed 'satisfactorily' with a 15% increase in new members, trading in continental Europe is tough, it said. Shedding the foreign golf clubs remains top of the agenda.

The controversial restructuring, which converted £45m of bonds and £7.5m of interest into new shares, won the group few fans among existing shareholders, least of all outspoken entrepreneur Eddy Shah. He is unlikely to be pleased with the choice of the new chairman, confirmed today as John Hume, a City solicitor.

Shah criticised the appointment earlier this month, saying that Hume, who has been advising the directors in a personal capacity in relation to the restructuring, should not be put on the board. He will replace Robert Bourne, who will remain a non-executive director.

Sales for the six months to 31 March were £14.8m against £19.2m a year ago. The loss per share of 9.3p compares with a loss of 25p in 2001.