Restaurant tycoon Richard Caring has sold the Wentworth Golf Club for £135m.
The prestigious club – home to the annual PGA tournament – was bought by Chinese conglomerate Reignwood Investments from Caring’s WG Acquisition.
Caring’s Caprice Holdings restaurant firm owns the Ivy in London amongst other holdings.
He will remain with the club as non-executive director.
Chancellor George Osborne said: “Today’s announcement that Reignwood Group is investing £135m in the UK to buy Wentworth, one of our most prestigious golf clubs, demonstrates the growing relationship between our two countries.
“Strengthening co-operation between Britain and China is not only good for China, but good for UK jobs and investment too, which is why it’s a key part of our long-term economic plan.”
KPMG was lead adviser on the transaction.
chris.berkin@estatesgazette.com
