Donald Trump’s Scottish golf courses, which claimed £3million in furlough cash from the UK Government, had combined losses of more than £6 million last year, new figures have revealed.
Companies House records show that both the Menie Estate, Aberdeenshire, and Turnberry properties of the US President have failed to generate a profit.
The accounts reveal that losses at Turnberry, which Trump’s firm purchased for £39.5m in June 2014, more than doubled in the last year.
It had a turnover of £6.7m but made a loss of £5.3m for 2020. This compares to a turnover of £19.7m and a loss of £2.3m for 2019.
Companies House accounts for Donald Trump’s two golf clubs reveal that they failed to make a profit in 2015. Pictured: Former President of the United States of America Donald Trump, 74, visiting his Turnberry resort in Ayrshire in June 2015 after it’s £7.19m refurbishment
Golf Recreation Scotland, which runs Turnberry, invested £1.5m in the resort during 2020.
According to the firm, the result was due to the resort closing for several months because of the coronavirus pandemic.
Trump International Golf Links in Scotland’s north-east was closed in 2012 after a fight with environmentalists.
It made a loss of £1.3m compared to a loss of £1.1m for 2019. The resort saw its turnover dip from £3.27m in 2019 to £1.1m last year – a drop which was blamed on the pandemic.
Trump, whose representatives had initially said they would spend up to £1 billion on the development, hailed the course as the greatest in the world and pledged to create 800 jobs at the resort.
The business employed 63 people during its ninth year of operations who were paid a total of £1.6m.
Trump’s Turnberry resort (pictured last year) had a turnover of £6.7m but made a loss of £5.3m for 2020. This compares to a turnover of £19.7m and a loss of £2.3m for 2019
The accounts also show that the two companies received almost £3 million in furlough money from the UK government during 2020. Golf Recreation Scotland claimed £2,347,000 while The Trump International Golf Links received £451,770.
Trump, at 75 years old, quit his role as director of the golf companies after he was elected president. He then handed his control stake to a trust managed by his family.
Trump Organisation acknowledged that coronavirus pandemic is posing ‘unprecedented’ risks for the company, however it maintained optimism about the future of its investments in Scotland.
Eric Trump, the son of the ex-White House Chief Executive Officer, stated that Trump International continued to be a top contender in world golf rankings. He also noted that it plays an important role in Trump’s global portfolio.
“The unpredictability of Covid-19 means it is difficult to forecast how Covid-19’s operations and business will change in the future.
“In the short term management expects an increased turnover in 2021 relative to 2020. The business will benefit from the strategies put into place to address the immediate and long-term challenges of the pandemic.
Trump’s Aberdeenshire resort made a loss of £1.3m compared to a loss of £1.1m for 2019
Eric Trump stated in his Turnberry report that: “Demand is strong in 2021, despite restrictions in inbound travel. With many weddings and functions moving to 2021 or 2022, there’s confidence in the resort’s future.
“Ownership is committed to the resort, and future plans will be made to improve the resort to keep Trump Turnberry Scotland’s top destination for luxury travel and championship golf.
The Trump Organisation employed 289 people at Turnberry during the year who were paid a total of £7.5m in wages.
The Court of Session rejected an attempt to force legislators to investigate Trump’s purchase of the two golf resorts in Scotland.
Avaaz, an American human rights group, had claimed that Avaaz ought to have initiated an investigation by the Scottish Government into unexplained wealth orders and how these deals were funded.
Lord Sandison however ruled that Scottish ministers had been lawful in refusing to investigate.