Sale of Wick club to be concluded 'within next few weeks'
THE sale of the Francis Street Club in Wick, which closed earlier this year after encountering financial difficulties, is expected to be concluded "within the next few weeks", according to the liquidator.
Iain Fraser, partner with FRP Advisory, yesterday confirmed a preferred bidder has been selected for the club’s premises and assets. The business was put up for sale with a local estate agency, and a closing date for offers was set for last week.
Mr Fraser said: "We were pleased to note strong interest in the club, with enquiries received from a range of interested parties. Discussions are currently being progressed, and we hope to conclude a sale within the next few weeks."
He would not divulge any further details due to the confidential and commercial nature of the matter. However, it is understood a Caithness businessman is the preferred bidder.
As previously reported, the club had debts of £86,109 when it ceased trading in January. The figure included £49,432 for trade and expense creditors, while £10,334 was owed to banks and institutions and £9800 to HM Revenue and Customs, according to a document written by the liquidator and presented at a meeting of creditors in April.
The report also points out that with assets estimated to be worth £81,206 for the property and fixtures and fittings the deficit was £4903 at March 14 but with £1216 owed to ordinary shareholders the total was £6119.
An extract of the unaudited accounts showed that turnover at the club for the year ended November 2017 was £160,940 compared with £197,071 for the previous 12 months. There was a net loss of £51,783 in 2017 compared with £11,537 in 2016.
Administrative expenses accounted for £146,290 in 2017 which was an increase of £2941 on the year before.
The club was founded in 1920 as a British Legion and later traded as a social club. It provided a variety of entertainment and sporting events, including functions, darts evenings, pool competitions and children's parties.
It was funded by members' annual subscriptions as well as trade from bar sales, functions and other entertainment activities.
Since the premises closed a group of members have expressed concern about what has happened and want answers to questions they have posed.