Donald Trump

Accounts for Golf Recreation Scotland Limited, showed the loss, up from £5.2m the previous year, was mainly a result of depreciation, foreign currency exchange rates, and “exceptional items”.

The Menie Estate golf resort recorded a loss of more than £696,000 (down from £1.3m in 2020) and the Turnberry golf resort reported a loss of over £3.7m (down from £5.9m in 2020).

The firm is reliant on intercompany loans totalling more than £131m, up from £113m in 2020. Some £40.6m of the loans are on interest free terms from Mr Trump directly. The arrangement has a rolling repayment term of one year and one day, and requires that 12 months written notice be given for any request for full or partial repayment by Mr Trump.

Regarding the Turnberry business, Eric Trump, who is director for the holding company, said: “The company successfully navigated the significant impact of Covid 19 on the tourism and hospitality industries to report a strong financial year.

“The property was closed for the first three months of FY 2021 due to the ongoing impact of Covid 19 and operational and travel restrictions imposed by the UK government. The property reopened in April 2021 and has returned to pre-Covid levels of trading since.

“Upon reopening, there was a significant increase in ‘staycation’ booking driven by the outbound travel restrictions in place during that period. This allowed more of the UK market to experience the resort and management are confident that this will help grow the domestic market segment across future years.”