Indian Reliance Leads Acquisition of UK’s Stoke Park for £57m

Main Photo: The Stoke Park Hotel, Golf & Spa

Date: April 2021

Location: Stoke Park, Buckinghamshire, England, UK

Name: Stoke Park Country Club, Spa & Hotel

No. of Keys: 49

Seller: The King family, Father, Roger and his three sons, Hertford, Witney and Chester – who was CEO. Roger set up the historic house in 1964, which dates back to 1066 and before, as the country club, hotel, golf course and spa that it is today.

Buyer: Stoke Park has been acquired by a company led by Indian billionaire businessman Mukesh Ambani.

The luxury country club and golf resort has been on the market since 2018 and has been bought by Reliance Industries Ltd, a UK-based oil-to-telecom conglomerate, for which Ambani is the largest shareholder.

Reliance Industries Ltd is a Fortune Global 500 company as well as India’s most valuable company by market value. 

The acquisition adds to the company’s current stake in Oberoi hotels and other hotels and managed residences in Mumbai that are currently being developed.

Stoke Park Limited owns and manages the hotel and golf course in Buckinghamshire and will add to Reliance’s consumer and hospitality assets, the firm said in a filing late on Thursday.

“Reliance Industrial Investments and Holdings Ltd, a wholly-owned subsidiary of Reliance Industries Limited, has on April 22, 2021, acquired the entire issued share capital of Stoke Park Limited, a company incorporated in the United Kingdom, for 57 million pounds,” it said.

“RIIHL will look to enhance the sports and leisure facilities at this heritage site, while fully complying with the planning guidelines and local regulations,” Reliance said.

Stoke Park comprises 49 bedrooms, 27-hole golf course, 13 tennis courts and 14 acres of private gardens. The hotel has featured in many iconic British films, from James Bond in Goldfinger to Bridget Jones’s Diary.

The house and site has a seriously long history, from William Fitz-Ansculf been given the rights to estate by William I following a rather famous battle, to Elizabeth I owning it from 1581 to 1603, to the last recorded owners before the King family being Wilberforce Bryant, owner of the Bryant & May matchbox company until 1908.

This is the second major acquisition of an iconic British company by Ambani. He bought British’s iconic toy store Hamleys in 2019, to strengthen its retail footprint.

Announcing the deal, a spokesperson for Reliance said that Stoke Park would remain a members’ club and that it would “look to enhance the sports and leisure facilities while fully complying with the planning guidelines and local regulations”.

That plan is now being put into action, with renovation works on the hotel and health club set to start on August 2, while the golf club and the remainder of the 300-acre estate will close on October 18 to enable the completion of the renovation works to the resort’s 27-hole golf course. The timetable of the renovations means that the resort will not be re-opening until the summer of 2023.

All health and tennis club members have been given notice that their memberships will be terminated on July 31, which is the end of current membership year, which runs from July to July. Golfers will have their memberships suspended in October.

A spokesperson for Stoke Park said: “The new owners of Stoke Park, Reliance Industries, are making a major investment into the estate and are committed to preserving Stoke Park’s rich heritage. Reliance is honoured to be the fifth owners and custodians of Stoke Park since it became the first UK’s country club in 1908 and are committed to investing in its future and the local community. With every new owner comes a responsibility to progress and future-proof the success of the business and we plan on returning Stoke Park to its former glory.”

“We can categorically confirm that Stoke Park will reopen for members after the planned restoration. Reliance intends to create a world-class members club to re-open following completion of the work. Members are the beating heart of the club and its community, and we look forward to welcoming them back after the planned restoration work.”
The club has recently signed a 10-year extension of The Boodles tennis event, which it will host once the renovations are complete and the resort re-opens.

The club spokesperson added: “The club will remain non-operational until the anticipated reopening in 2023, resulting in the business scaling down its workforce whilst the restoration takes place. Whilst it is never a good time to close, it is important to begin these works now so we can undertake the major restoration works planned in order to reopen for our members as soon as possible. Stoke Park will support outgoing staff members to ensure they are properly compensated for their dedicated service to the club. Reliance is committed to creating a significant number of jobs both during the restoration project phase and after the reopening.”

Stoke Park currently charges £4,500 for annual membership, but no details as to whether this figure will rise following the renovations have been given.

Mayer Brown International LLP and Khaitan & Co acted as legal counsels for the transaction, and Ernst & Young UK advised on financial and tax matters.

Price: £57m

Price per Key: £1,163k….with 300 acres thrown in!

THPT Comment: As recorded the sale of the hotel and estate has been hanging around for the past three years…the starting price being very much higher than the £57m, a fair & full price it eventually sold for…the debate was how much of the art, valued at ten of £millions was included.

First Seen: Boutique Hotelier

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