The Wentworth Club sold to Reignwood Group
Billionaire Richard Caring has sold The Wentworth Club to the Reignwood Group
16 September 2014
London billionaire Richard Caring has sold The Wentworth Club in Virginia Water to the Chinese conglomerate Reignwood Group for £135m.
The restaurant and club owner described the Wentworth as “to golf what Wimbledon is to tennis”. Caring paid £130m for Wentworth in 2005 and previously admitted his purchase was reckless as he probably paid over the odds for the facility had it gone to auction. Caring, will remain as a non-executive director.
Reignwood Group owns the Reignwood Pine Valley Resort situated 35 miles northwest of Beijing and extensive property both in Asia and overseas.
Caring, a keen golfer said he had been inundated with offers, but was holding out for the right one and commented as follows:
“I have always looked for an owner with integrity... an understanding of the special place it holds in so many people’s hearts. An owner who wants to develop the club ever further, improving on what is already a masterpiece. In the team at Reignwood, I feel confident that this has been achieved. I know Wentworth is in great hands for the next chapter.”
Dr Chanchai Ruavrungruang, who founded the Reignwood Group said: “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.”
