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Manga resort up for sale by P&O |
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LA MANGA, the Spanish resort at the centre of the infamous Leicester City Football Club sex scandal, has been put up for sale by P&O with a price tag of at least £100 million.
The sale of the resort, acquired in 1987 through the takeover of European Ferries, is part of a £250-million property sell-off promised by the ferry and port operator during 2004. It has already realised sales of £190 million.
Analysts believe that P&O’s troubled ferries business may also eventually be sold, although the company insisted yesterday that this was “not one of the options” being looked.
Peter Smith, a P&O director, said that the long-term future of ferries would not be examined until it had been returned to profitability. “We’re looking at routes, the kind of service we produce and the way we market the business.”
In the six months to June 30, P&O beat forecasts with operating profits almost tripling to £113.1 million, from turnover down 8 per cent at £1.67 billion. Earnings per share before one-offs reached 6.2p, against a loss of 1.7p. After disposals, it made a pre-tax loss of £6.1 million, against a profit of £3.3 million. The interim dividend has been cut from 4.5p to 3p.
While losses from ferries widened from £19.9 million to £25.1 million, its core ports arm was up 22 per cent at £71.4 million.
THE NOUVEAU REACH
La Manga is situated on a 1,220-acre site in Murcia, on the south-east coast of Spain. But once you’ve driven through the resort’s gates you could just as easily be in California, the Caribbean or any other international resort.
The vista that greets visitors is one of manicured lawns and palm trees, whitewashed villas, golf courses and tennis courts; the overwhelming impression is one of wealth and luxury. But somehow it is also irredeemably naff, which is probably to do with the preponderance of golfers and footballers among its guests.
La Manga is a popular golfing destination for celebrities, with Sir Sean Connery, Jimmy Tarbuck, Ronnie Corbett and David Coulthard playing alongside professionals such as Seve Ballesteros and Sam Torrance. Long before the infamous Leicester City Football Club visit earlier this year, the resort was a popular destination for football clubs on winter breaks. Its eight-pitch professional football centre caters for national teams including England and Spain’s, while Leeds, Newcastle and Real Madrid are all regular visitors.
For the footballers’ wives, meanwhile, there is a spa with a suite of Jacuzzis, a pool and treatment rooms offering everything from hot-stone massages to caviar facials. At the entrance to the spa are some of La Manga’s greatest treasures — framed football shirts signed by David Beckham.
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