SINGAPORE: Private members’ club 1880 Singapore has informed members it will close permanently on Tuesday (Jun 17) and enter liquidation.
The club, located in Robertson Quay, was founded by Marc Nicholson and opened in late 2017.
As of Monday, the club was still open to members and promoting upcoming events on its social media accounts.
The abrupt closure comes after 1880’s Hong Kong branch shuttered on May 30, less than a year after opening.
In an email seen by CNA, which was sent to members late on Monday night, 1880 Singapore provided brief reasons for the closure.
“Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation,” the email read.
“We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand.
“We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close.”
The email alluded to expansion as a reason for the business’ failure, stating: “We created a brand that earned a reputation that brought opportunities for expansion that I could not resist.”
It also stated that the club’s holding company 38 Degrees and operating company 1880 have been placed into provisional liquidation, with details about the liquidation process and creditors’ meeting to come.
When CNA visited 1880 Singapore on Tuesday morning, the entrance was blocked. A sign on the third level, where the club is located, indicated it was “permanently closed”.
CNA has contacted 1880 for more information.
Founding member Steve Okun, who is the CEO of APAC Advisors, told CNA “yesterday was like any other day at 1880 Singapore”.
“I hosted a meeting that morning and stayed to work through the day. There was no indication that such news would come out when it did,” said the geopolitical analyst, who was also working with the club on another event.
Mr Okun said that 1880 Singapore created a community that benefited its members.
“It brought together people from diverse backgrounds and experience from which we could learn. Many of us benefited socially and for business as well.
“My thoughts are with the talented team and trust they will have little difficulty in finding other positions,” he added.
1880 Singapore offered social events and spaces, including a restaurant, bar, spa and co-working space.
Past speakers it has hosted include foreign minister George Yeo, veteran diplomats Kishore Mahbubani and Bilahari Kausikan, and the host of Netflix series Mind Your Manners, Sara Jane Ho.
South China Morning Post previously reported that 1880 Hong Kong was entering liquidation with debts of about HK$20 million (US$2.5 million).
The Hong Kong club reportedly owed rent and two months’ worth of pay to 100 employees.
