SINGAPORE: Private members' club 1880 Singapore has informed members it will close permanently on Tuesday (Jun 17) and enter liquidation.
The club, located in Robertson Quay, was founded by Marc Nicholson and opened in late 2017. On Monday, its social media accounts were still promoting upcoming events.
The abrupt closure comes after 1880's Hong Kong branch shuttered on May 30, less than a year after opening.
In an email seen by CNA, which was sent to members late on Monday night, 1880 Singapore provided brief reasons for the closure.
"Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read.
"We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand.
"We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close."
The email also stated that the club's holding company 38 Degrees and operating company 1880 have been placed into provisional liquidation, with details about the liquidation process and creditors' meeting to come.
When CNA visited 1880 Singapore on Tuesday morning, the entrance was blocked. A sign on the third level, where the club is located, indicated it was "permanently closed".
CNA has contacted 1880 for more information.
1880 Singapore offered social events and spaces, including a restaurant, bar, spa and co-working space.
Past speakers it has hosted include foreign minister George Yeo, veteran diplomats Kishore Mahbubani and Bilahari Kausikan, and the host of Netflix series Mind Your Manners, Sara Jane Ho.
South China Morning Post previously reported that 1880 Hong Kong was entering liquidation with debts of about HK$20 million (US$2.5 million).
The Hong Kong club reportedly owed rent and two months' worth of pay to 100 employees.
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The club, located in Robertson Quay, was founded by Marc Nicholson and opened in late 2017. On Monday, its social media accounts were still promoting upcoming events.
The abrupt closure comes after 1880's Hong Kong branch shuttered on May 30, less than a year after opening.
In an email seen by CNA, which was sent to members late on Monday night, 1880 Singapore provided brief reasons for the closure.
"Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read.
"We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand.
"We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close."
The email also stated that the club's holding company 38 Degrees and operating company 1880 have been placed into provisional liquidation, with details about the liquidation process and creditors' meeting to come.
When CNA visited 1880 Singapore on Tuesday morning, the entrance was blocked. A sign on the third level, where the club is located, indicated it was "permanently closed".
CNA has contacted 1880 for more information.
1880 Singapore offered social events and spaces, including a restaurant, bar, spa and co-working space.
Past speakers it has hosted include foreign minister George Yeo, veteran diplomats Kishore Mahbubani and Bilahari Kausikan, and the host of Netflix series Mind Your Manners, Sara Jane Ho.
South China Morning Post previously reported that 1880 Hong Kong was entering liquidation with debts of about HK$20 million (US$2.5 million).
The Hong Kong club reportedly owed rent and two months' worth of pay to 100 employees.
Continue reading...