1880 Hong Kong club folds after 7 months, accused of owing staff unpaid wages
The Hong Kong branch of a Singapore-based private club, which recently closed its doors after only seven months of operation, has been accused of owing rent and more than 100 employees unpaid wages since April, with the Labour Department receiving requests for help from affected workers.
1880 Hong Kong, located at Swire Properties' office complex Two Taikoo Place in Quarry Bay last Friday announced its immediate cessation of operations, citing 'cash flow difficulties' and failed attempts to raise funds. All memberships and associated privileges were discontinued.
The landlord told the Post that 'rent and other arrears' were still owed but declined to disclose more details due to confidentiality concerns. They have repossessed the premises.
The club, which only opened its doors on November 8 last year, occupied four floors offering event spaces, a gym with spa facilities, and several restaurants.
In an internal letter seen by the Post, founder Marc Nicolson apologised to his employees for the closure, saying the 'deal' they had been trying to close had been unsuccessful.
He said he asked employees to trust him and continue working, as he believed he could raise the capital to save the company.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
35 minutes ago
- South China Morning Post
Paralysed Chinese woman falls for ‘doctor' during rehab, he disappears with US$420,000 loan
A paralysed woman in China who fell in love and married a 'doctor' she met during rehabilitation has been left distraught after he disappeared with a loan of more than three million yuan (US$420,000). Advertisement Li Shangxuan, 31, from Hebei province in northern China, shares her life as a single mother with 220,000 followers on a popular short video platform. Li's family was once well-off, with her parents working in business. Paralysed from the waist down in a 2013 car accident, she has used a wheelchair ever since. Li Shangxuan was left paralysed from the waist down after being involved in a car accident in 2013. Photo: During her rehabilitation, Li met a man surnamed Ding on social media who claimed to be a surgeon. Advertisement
South China Morning Post
an hour ago
- South China Morning Post
Saudi ETF opens door to Islamic opportunity in Hong Kong
Hong Kong has long wanted to promote Islamic finance, but progress has been slow. Now, though, the time is more auspicious as the city seeks to diversify its financial services and business beyond Western or developed economies. Advertisement At the same time, countries in the Middle East are moving quickly to form new business links with China. The latest fruit of this partnership is Asia's first exchange-traded fund (ETF) tracking Saudi Arabia's Islamic government bonds, or sukuk. Its debut will introduce local investors to a global market for Islamic financial products that is expected to be worth US$7.7 trillion by 2033. Global interest in sharia-sanctioned financial products has been growing. Non-Muslim investors in places such as Malaysia and Indonesia, for example, have diversified into Islamic bonds, Islamic insurance, and profit-sharing schemes and 'financing at cost plus a mark-up' that comply with religious stricture. Hong Kong's Saudi sukuk ETF, which can trade in both Hong Kong and US dollars, is a milestone. It will be the first time investors in Asia can tap into Saudi Arabia's sharia-compliant bonds through the city's stock exchange. Advertisement The kingdom's Saudi Vision 2030 to modernise its economy is estimated to need US$3 trillion in investments. Though first-day trading turnover was modest at below HK$600,000 (US$77,000), it is expected to generate greater interest among investors.
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong Airlines to open routes to Urumqi, Melbourne after overcoming debt woes
Hong Kong Airlines will launch flights to Urumqi in far western China in August and to Melbourne later, after making an ambitious comeback from a debt crisis three years ago and recording a 60 per cent year-on-year rise in passenger numbers in 2024. Advertisement In an exclusive interview with the Post, airline president Jeff Sun Jianfeng said the airline, once struggling with losses and debts, had returned to profitability in 2023 after Hong Kong opened up to post-Covid international travel. He also noted that its ridership had hit 5 million last year, up 60 per cent from 2023. 'Before the Covid-19 pandemic, Hong Kong Airlines was actually doing quite well, with many travellers already having a fondness for and awareness of our brand,' he said. 'During the pandemic, Hong Kong Airlines underwent a significant restructuring. After that, we made a comeback to kick-start our recovery journey. Advertisement 'With our continuous network expansion, including key long-haul routes to Vancouver and Sydney this year, we've already returned as a global full-service airline.'
