The directors of Algarve Golf Courses Ltd noted that the Sociedade do Golfe da Quinta do Lago “has had a strong recovery following the easing of Covid-19 restrictions which has continued into 2022″.
Algarve Golf Courses had net assets itself of £7.24 million at the end of 2021 — unchanged from the end of 2020. The directors noted that it did not make a profit in 2020 as it did not trade. It paid no dividend for the year.All over the country, restaurants are being forced to close their doors, unable to function in the current economic climate. Fears are growing that closures within the industry could reach one per day, levels last seen during the recession in 2012.
The entity is a holding company for companies engaged in the ownership and management of golf courses. Its directors noted that both the level of business and the year-end financial position were satisfactory. The £2.19 million loss followed a pretax profit of £1.7 million in 2020, with the latter arising from a foreign exchange gain.