Sale of Wick club 'best option' for creditors
Register for free to read more of the latest local news. It's easy and will only take a moment.
THE sale of Wick's Francis Street Club, which ceased trading in January, has been described as "the best option" for the creditors.
Interim liquidator FRP Advisory was responding to questions posed by the John O'Groat Journal and Caithness Courier.
A spokesman for the company said the property will be put up for sale shortly by local estate agency Young Robertson & Co.
Asked if that was the only option for the club, he replied: "The liquidator has an obligation to generate as much value as possible from the assets of the club for the benefit of creditors, and a sale of the premises is the best option."
The fixtures and fittings will also be sold.
Some members are unhappy at the decision to close the club and feel they are not getting answers to questions they have posed. They say they were only informed about the closure a by a basic notice on the door.
However, the spokesman would not be drawn on the issue and would only say: "The decision to close the club was a matter for the committee."
Regarding the club accounts, he said: "The last available accounts was to the period ending November 2017." The spokesman added: "The filing of accounts was a matter for the committee."
Asked if there is any update on the financial position for creditors and the public, he said: "Any further update on the financial position for creditors will be issued in line with statutory requirements. We have no other comments at this time to add."
As reported in Friday's John O'Groat Journal, the club had debts of £86,109 when it was wound up. The figure includes £49,432 for trade and expense creditors, while £10,334 is owed to banks and institutions and £9800 to HM Revenue and Customs, according to a document which was written by the interim liquidator and presented at a meeting of creditors on April 18.
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 is £6119.
A report at the club's annual general meeting in May last year claimed the halcyon days of the social club were in the past but it was hopeful that, with some fresh ideas and new committee members, "it could turn the corner".
That did not happen and the management committee presented a winding-up petition at Wick Sheriff Court.
The club, which was founded in 1920 as a British Legion branch, provided a variety of entertainment and sporting events, including functions, darts evenings, pool competitions and children's parties.
