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Wednesday, 29 August 2012

magnum global holdings singapore pte. ltd

August 2012

Petchey Leisure Group has been acquired Magnum Global Holdings Singapore pte. ltd

Petchey Leisure administration responsibilities in Ilford in Essex are now being processed in Portugal but owners have not been informed of this.


Magnum Global Holdings Singapore pte. Ltd is a group of companies with diversified interests in international hotels, logistics, hospitality, mining, shipping, tea estates and distilling amongst other industries.

The group was founded in 1963 by Dr M.G. MUTHU.

Magnum Global Holdings Singapore pte.Ltd
140 robinson Road
06-03 b Chow House
Downtown
Singapore

Jack Petchey put his leisure empire on the block in 2009 for £80 million and said at the time that they were talking to two interested entities. Now we know which one got the deal. The sale likely comprises the brand, company and its income-producing assets, including nine timeshare resorts in Portugal, Spain, Tenerife and the UK. Petchey was expected to retain some of its undeveloped land.
Word is Petchy sold the business to raise money to capitalise on low UK property prices, both in the direct property and equities sector of the market. You could say that Petchey’s organisation is repositioning itself and they need the cash to do that.

How things will or will not change now as far as Petchey’s timeshare members are concerned remains to be seen.

Update

Petchey are inviting members by letter on a promotional offer for £59.00 at Clube Praia de Oura in Portugal or Royal Park Albatross in Tenerife.
During your stay both partners will be required to attend a 60 minutes informal meeting with the membership department in order for them to give you a full update on the company.



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