International Golf & Resort Management Tackles Industry Ailments

International Golf & Resort Management appointed David Mortimer today as Finance Director. He will
head up the company’s newly formed Performance Improvement and Business Turnaround Division formed in response to the distress in the real estate and golf industries following the collapse of the world financial markets.

London, April 3, 2009, the board of Directors of International Golf & Resort Management (IGRM) announced today that it has appointed David Mortimer as Finance Director and head of the newly formed Turnaround and Performance Improvement Division. David’s 30 year experience of the hotel and hospitality sectors and proven track record in performance improvement will strengthen the existing leadership team and further enable the company to expand its business operations across industry sectors and geographic locations.

Mortimer has held senior executive and financial positions during his career most notably for Forte Plc and recently as UK Finance Director of Compass – the world’s leading food and support service company. At IGRM he will head up the Turnaround and Performance Improvement Division as well as assuming responsibility for assessing development opportunities, overseeing project feasibilities and undertaking financial management. Experienced in reorganisation, rehabilitation and the restructuring of businesses, Mortimer’s management team will assist distressed businesses in the golf, hotel and real estate sectors by the reorganisation of their processes and rationalisation of operations to maximise results.

Commenting on the appointment, CEO Michael Longshaw said: “While much of our work has been in the development of large overseas golf and residential resorts such as in Sorochany in Russia, Estrela Santiago in Cape Verde and Long Bay in Anguilla we recognise that many mature businesses are feeling the impact of the dramatic economic downturn. Therefore we are especially fortunate to have secured one of the most experienced financial practitioners in the industry whose skills will assist those businesses that are struggling to perform or need help in avoiding the pitfalls that can lead to a financial crisis.”

“In my new role at International Golf & Resort Management I will be able to strengthen the capabilities of our global operation in numerous ways,” said Mortimer. “In spite of market conditions, I will be involved the continued expansion in the real estate sector while focusing on improving the performance of ailing businesses in the golf and hospitality industries. In addition to this, and where appropriate, I also anticipate acquiring equity stakes in businesses under our management.”

News submitted by Melanie Hickey, International Golf & Resort Management