Wick club sold for undisclosed sum
THE Francis Street Club in Wick has been sold for an undisclosed sum, the liquidator FRP Advisory has confirmed.
Partner Iain Fraser said: "We are pleased to have secured a sale of the property and that this well-known Wick building will continue to have an important presence in the town. We are grateful for the support and assistance we have received during the liquidation process and wish the new owners every success with their development plans."
It is understood that a Caithness businessman has purchased the property, although it is not yet known what it will be used for. The sale was concluded on Friday.
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 pointed out the club had assets estimated to be worth £81,206 for the property and fixtures and fittings. The deficit was reported as £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 with £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.
