Accounts have just been filed in Britain for Algarve Golf Courses, Denis O'Brien's holding company for his Quinta do Lago golf complex in Portugal.
The holding company does not trade but it attributes a book value of just £7.7 million (€9.8 million) to the complex, which looks a trifle low considering O’Brien has sunk an estimated €29 million into it in recent years.
The accounts also reveal that the Portuguese subsidiary that owns and operates the course made a profit last year of £520,000 (€660,000).