Filter news by:

Morris Street Working Mens Club in LPA receivership

20 January 2012

Swindon-based firm continues to trade as a going concern.

Chris Stirland, partner at specialist restructuring, recovery and insolvency firm FRP Advisory LLP, was appointed Joint LPA Receiver of Morris Street Working Men's Club with Nathan Jones, a director at FRP Advisory LLP, on 25 November 2011. Chris Stirland addressed a committee and around 70 members of Morris Street Working Mens Club, Swindon, on 8 January 2012, to outline the reasons for the club entering into receivership. Trading results for the previous six weeks were also discussed, along with forecasts for the next seven week period up to the end of February 12.

Since the Club entered into receivership, the Joint LPA Receivers have been working with a secured creditor, the clubs committee, and members, in order to trade the club - which is seen as an essential part of the fabric of the local community. New management is in place to trade the business on behalf of the receivers' - instigating several initiatives put forward by the committee and members to increase turnover.

Chris Stirland commented: "It is a testimony to the members that a keen interest was shown during the meeting and in the company. With their support, the club will be able to trade over the short and medium term.

"Excluding the festive period, the club has been making losses of around £500 per week, however we are beginning to see signs that the initiatives are taking effect and this loss is being reduced. The secured creditor will continue to support the club over a longer term, if we reach a break even position over the next 7 weeks."

The club has been valued and offers are being sought for the freehold interest in the property. Anyone with an interest should contact Yasmin Jamal at FRP advisory on 0116 303 3333, or contact us using the online form below. 

Press contacts

Kate Macnamara, Grayling
Tel:   +44 (0)121 265 2761
Mobile: +44 (0)771 422 2793
Email:   kate.macnamara@grayling.com

Jade Devlin, Grayling
Tel: +44 (0)121 265 2760
Email: jade.devlin@grayling.com