Established in 1922, The Comrades Club was a meeting place for ex-servicemen and in its prime was at the centre of the town’s social hub. In 2009, with declining takings and debts of £150k, the members resolved to shut the clubs doors for the final time.
Despite a depressed housing market, a change in policy for social housing in Eastleigh which made sale difficult and a buyer pulling out, joint liquidators James and Carl of Portland with their agents Goadsby, took into account that there was value in the building, and after months of negotiating were able to secure the sale. This means that the members will receive a share of the surplus.
After months of hard work, contracts were exchanged with a new purchaser on 30th June. and sale completed on the 15th July. The new purchaser intends to keep the building and it will be converted into a child’s nursery. The feedback from the members has been positive that the club is being used for future generations of the town.
Senior Manager at Portland, Nicola Layland said “We have seen an increase in the number of similar clubs facing difficulties, particularly as members are no longer using these clubs as often as in the past. There is far higher competition with chains of pubs offering lower prices when disposable income is at the front of everyone’s minds. We are pleased that after a lot of time and effort we have been able to complete a sale and we will now be working hard to agree the creditors claims and then distribute the surplus funds to the members. With over 450 members this is going to take some time and we ask members to be patient whilst we do so“.
If you are a member of the club and have not confirmed your membership details you should do so as soon as possible to Elizabeth.email@example.com or visit www.portbfs.co.uk or by post at 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, PO15 7AH to ensure that you are included in the distribution.