£525k HSBC funding deal caddies members' acquisition of Hull golf club

The future of Ganstead Park Golf Club near Hull is now secure following the sale of the club to its members, which was supported by a six figure funding package from HSBC.

The family-run golf club, which has been part of the Hull’s golfing community for over 40 years, was put up for sale after the family made the decision to retire.

The club’s 400 plus members were offered first refusal to buy the club’s land and assets, an offer which was supported by 90% of the members who raised 25% of the purchase price.

HSBC supported the remaining 75% with a £525k commercial loan.

This transaction by the members of Ganstead Park Golf Club has also secured the employment of 12 members of the club’s staff.

Neal Hammond, director of Ganstead Park Golf Club, said: “To be able to acquire Ganstead Park Golf Club for our members is fantastic for the future of this club. We’ve always been focused on building a community around the club and believe we’ve built a golf course with a fantastic inclusive and educational atmosphere.

“With other regional courses being bought for land redevelopment in recent years, we’re reassured that Ganstead Park Golf Club can continue to function as a golf course and employer in the hands of our members.”

Neil Waterhouse, HSBC’s senior business manager for North Yorkshire and Humber, added: “We believe that the Ganstead Park Golf Club members have the best understanding of how to manage the future of this club.

“We are delighted to provide financial support to ensure the golf club can remain an active part of the community for golfers of all ages for many years to come.”

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