Latest news with #1880HongKong
South China Morning Post
16 hours ago
- Business
- South China Morning Post
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.
South China Morning Post
2 days ago
- Business
- South China Morning Post
Member loses HK$38,000 as Hong Kong branch of Singaporean 1880 club faces probe
The sudden closure of 1880 Hong Kong, a private members club based out of Singapore, left members reeling, with one losing HK$38,000, paid out for a full-year membership just two months prior, while others have complained to Customs, alleging a violation of the Trade Descriptions Ordinance. The club, located in Quarry Bay's Two Taikoo Place, operated for only seven months before shutting down last Friday due to 'cash flow difficulties'. It has been accused of owing rent and wages to more than 100 employees, with some staff seeking help from the labour authorities. Hong Kong Customs said in response to queries from the Post, that they have received complaints and are investigating. Enforcement action will be taken if any breaches of the Trade Descriptions Ordinance are found. It added that it is an offence if a trader intends not to supply a product or has no reasonable grounds to believe they can supply it within a specified or reasonable period. Offenders could face a fine of HK$500,000 (US$63,760) and five years' imprisonment upon conviction. A marketing professional, who wished to remain anonymous, joined the club in late March for its co-working space and networking opportunities, paying HK$24,000 in joining fees and HK$14,000 for a full-year membership. 'We found that [the membership] is helpful for business, especially on the networking part … they kept assuring us that they have already operated in Singapore for more than seven years and they are a reputable membership club,' she told the Post.
South China Morning Post
3 days ago
- Business
- South China Morning Post
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.
