Trump Resorts in Scotland Suffer £15.4 Million Loss in Wake of Brexit
Donald Trump's two golf resorts in Scotland, Trump's Turnberry resort in Ayrshire and Trump International Golf Club in Aberdeenshire, have reported combined losses of more than £15.4 million ($18.3 million) for 2021.
Turnberry, the five-star hotel and links course on the Ayrshire coast, recorded a pre-tax loss of £3.7 million ($4.5 million), while Trump International Golf Club Limited, parent of the other course, reported a pre-tax loss of £697,000 ($853,000). Figures submitted to Companies House for Golf Recreation Scotland and its parent company illustrate a pre-tax loss of £14.7 million for 2021.[0] The company's loans and investments were reassessed, resulting in a £9.7 million loss due to unfavourable foreign exchange movements.[0]
Former US president Donald Trump initially lauded Brexit as a probable boon for his business in 2016, saying that “when the pound goes down, more people are coming to Turnberry, frankly”.[1] However, a new filing states that “Brexit has impacted the resort’s pool of staff, with lack of access to European staff for businesses in general resulting in greater demand for the individuals previously available to the resort.”[1] Supply chains were also affected by Brexit, with fewer drivers available, reducing deliveries and the availability of certain product lines, as well as increasing prices from additional freight and import duty charges.[1]
Eric Trump, who is listed as the sole director of Golf Recreation Scotland Limited, commented that staffing has been a “challenge” due to wage inflation caused by “increased business levels” in the retail and logistics sector, and the “staffing pool” has been “indirectly” impacted by Brexit.[1]
These figures were revealed in delayed filings on Thursday, and demonstrate the impact of Brexit on Trump's Scottish resorts. Trump International Golf Links at Trump International Golf Links is yet another example of the former president's business ventures suffering in the wake of Brexit.[2]
0. “Trump resorts still below par with latest £15m loss” The Times, 3 Feb. 2023, https://www.thetimes.co.uk/article/trump-resorts-still-below-par-with-latest-15m-loss-cdr2xcl6g
1. “Donald Trump’s Scottish golf courses in Aberdeenshire and Ayrshire post losses of £15m” STV News, 2 Feb. 2023, https://news.stv.tv/scotland/donald-trumps-scottish-golf-courses-in-aberdeenshire-and-ayrshire-post-losses-of-15m
2. “Trump's Scottish golf courses take multi-million dollar hit because of policy he backed” msnNOW, 3 Feb. 2023, https://www.msn.com/en-us/sports/golf/trumps-scottish-golf-courses-take-multi-million-dollar-hit-because-of-policy-he-backed/ar-AA174LSv
