Are Donald Trump's Scottish businesses actually a financial success?
He bought the Trump International Golf Links in Balmedie in 2006 with the intention of transforming it into a million-pound location capable of hosting major events like The Open Championship.
It didn't take long before the boasts the US president is known for started to spout.
"I have done so much for Scotland, including building Trump International Golf Links, Scotland, which has received the highest accolades, and is what many believe to be one of the greatest golf courses anywhere in the world,' he said in 2015.
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Upon acquiring Turnberry in 2014, Trump pledged to invest approximately $200 million (£120 million) into the golf resort.
"We're going to spend a tremendous amount of money on bringing the hotel to the highest standards of luxury. I think it'll be the finest hotel in Europe when it's finished,' he said.
The apple, predictably, doesn't fall far.
(Image: Andrew Milligan/PA Archive/PA Images)
'Turnberry is considered by all to be the best golf course in the world by the players, the writers, the spectators, and the entire golfing community,' Eric Trump, his son, said in a statement to Telegraph Sport amid reports senior Whitehall officials were pressuring top golf bosses to help Turnberry host the 2028 Open championship.
But Trump – be it of the Donald, Eric or perhaps even Donald Jr. variety – has been notably less inclined to boast of the financial performance of the family's Scottish businesses.
Are Donald Trump's Scottish businesses a success or a flop?
Things aren't looking great for Trump's Aberdeenshire golf course – in fact, they haven't pretty much from the beginning.
According to the latest filings in Companies House, losses have almost doubled in the last year – £1.4m in the period up to 31 December last year, with £738,000 the previous year.
This comes despite a £4.8m loan from Trump parent company, DJT Holdings. According to the accounts, this takes the total borrowing from the parent firm to £11.8m.
The development's turnover increased slightly compared to the previous year, up from £3.6m to £3.75m – coming as it hosted the PGA Seniors Championship last August.
A statement signed off by Eric Trump (above) in the accounts said: "As demonstrated, ownership remains steadfastly committed to their vision for the property and confidently foresee a positive fiscal improvement as the impact of the investment activities flow through in the medium and longer term."
The National spoke with Richard Murphy, a professor of accounting practice at Sheffield University Management School, who looked through the accounts and wasn't optimistic.
The former chartered accountant said the firm was losing money 'hand over fist'.
'The last reported accounts, for 2023, suggested that the loss was £1.4 million in total income of just £3.7 million. This makes this look like a hopeless commercial venture,' he said.
'In total, this course has lost £18.7 million under Trump ownership, and is totally dependent on money borrowed from Trump entities to keep going each year.'
It's a downward trend that the firm and the US president himself will be keen to reverse, with his forthcoming visit coinciding with the opening of a second golf course in Aberdeenshire this summer – the 18-hole MacLeod Course, named after his mother – perhaps not a coincidence.
(Image: Photo by)
Turning to his other main Scottish venture, the fortunes for Turnberry (above) look brighter.
The company that operates it, Golf Recreation Scotland Limited, saw its pre-tax profit rise from £186,261 to £3.8m in 2023.
Although, over the same period, its turnover dipped from £21.82m to £21.1m.
It is the second consecutive year the firm has seen profits following seven years of losses after Trump purchased the 800-acre resort for £39.5m.
In his director's report, Eric Trump said: "Trump Turnberry sustained its strong performance from 2022, generating total revenues exceeding £21 million for the second consecutive year.
"Highlights included growing golf revenues by 35 per cent over 2022 and driving incremental membership, spa and recreation activity revenue.
"Trump Turnberry continues to be recognised as Scotland's premier destination for luxury travel.
"Continual investment from the owners in the resort, and in particular the championship golf courses, will ensure our continued growth into 2024 onwards in the luxury market."
But Murphy was less positive, highlighting the high amount of loans the firm relies on to stay afloat
'This company is profitable now, although it clearly has not been in the past,' he said
'However, it's important to note that it is wholly dependent on loans of around £125 million provided to it by related companies, the details of which we do not know. They have obviously given the auditors an assurance that they will not be asking for their money back.'
Murphy added: 'The company is controlled by something called the Donald J Trump Revocable Trust. A revocable trust means that the person who created i (presumably Trump) can cancel it and claim the assets back. There is no such thing in UK law.
'It seems likely that Trump has always been a person with significant control as a result. That makes the acknowledgement of the fact as late as April 2025 very odd.'
Trump International has been approached for comment.
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