Wick club sale 'progressing as planned' says liquidator
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THE sale of a Wick club which closed at the start of the year after encountering financial difficulties is "progressing as planned", according to a spokesman for the liquidator, FRP Advisory.
He said the sale of the Francis Street Club is "on track to complete as intended".
The spokesman was responding to claims the sale had been put on hold.
The liquidator said in mid-June the sale of the premises would be concluded "within the next few weeks".
At the time, FRP Advisory confirmed a preferred bidder has been chosen 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.
It was said there was "a strong interest in the club, with enquiries received from a range of interested parties".
The liquidator 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.
The turnover at the club for the year ended November 2017 was £160,940 and there was a net loss of £51,783 compared to £11,537 in 2016.
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.
