Hong Kong branch of Singaporean 1880 club in liquidation with HK$20 million in debts
The Hong Kong branch of a Singapore-based private club that closed after less than a year in business is undergoing liquidation with about HK$20 million (US$2.5 million) of debts, former employees have said.
Financial difficulties forced 1880 Hong Kong, located at Two Taikoo Place in Quarry Bay, to shut its doors on Friday last week, leaving 100 employees without pay for two months and some members angered by sales made shortly before the closure. It also owed unpaid rent to its landlord, Swire Properties.
Two former employees told the Post on Tuesday that the cash-strapped club had gone into liquidation, blaming the failure on the company's poor financial planning and governance.
Both said that the landlord made a substantial capital investment in the fixed assets, while the club only had to take care of operations. One said that Swire's capital investment amounted to more than HK$170 million.
The club, which opened on November 8 last year, occupied four floors offering event spaces, a gym with spa facilities, four restaurants, a cocktail bar and a sports bar.
Each member had to pay a joining fee of around HK$24,000 and a monthly subscription fee of HK$1,300, or HK$14,000 for a full year, according to the founding member rates seen by the Post.
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