Latest news with #1880
Business Times
7 hours ago
- Business
- Business Times
Despite 1880's closure, private members' club 67 Pall Mall is expanding
[SINGAPORE] Private members' club 1880 may have suddenly closed and gone into liquidation this week, but that is no dampener for another player here. 67 Pall Mall, which started operating in Singapore from 2022, has just signed a lease to expand to Shanghai – its first Chinese outpost. The private members' club with a focus on fine wine will open next year at 7 Donghu Road, in Shanghai's historic Xuhui district. It will occupy the 100-year-old French Renaissance-style Grand Mansion – or da gongguan – built by British businessman Raymond Joseph. Grant Ashton, who founded 67 Pall Mall in London in 2015, said that opening a club in Shanghai allows it to connect with the wine community in China, which 'has long been one of the most dynamic and rapidly growing wine markets in the world'. On entering the country despite its economic woes, Ashton said the club's business model offering access to 'one of the largest lists of wines in the region at reasonable prices' has withstood economic ebbs and flows, including extended closures during the pandemic. 'Our proposition is new to the market in Shanghai and China – one that represents unprecedented value and access to fine wines.' He is not concerned about the sudden collapse of 1880 either. The club had also abruptly closed its Hong Kong branch on May 30. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up 'Our membership model has served us well for 10 years,' he told The Business Times. 'We are a very different club with a singular focus, and everything about 67 Pall Mall revolves around the appreciation of wine.' In Singapore, the club occupies 15,000 square feet (sq ft) across the 27th and 28th floors of Shaw Centre in Scotts Road. The space used to be the penthouse dwelling of the late movie magnate Runme Shaw, where he threw extravagant soirees and wined and dined luminaries and celebrities. The club here is 67 Pall Mall's third, after London and Verbier in Switzerland. It had previously announced upcoming club openings in Melbourne, Australia, as well as in France's Bordeaux and Beaune. Members have access to its clubs around the world. Entrance to the Grand Mansion. PHOTO: 67 PALL MALL As for the Shanghai club, it will comprise around 14,300 sq ft and carry a wine list of 5,000 by the bottle and 1,000 by the glass from 40 countries. The mansion's grandeur will be showcased and it will include spaces such as a Grand Salon, a sunroom overlooking the gardens, a whisky bar and multiple private rooms. The Grand Mansion is a former diplomatic landmark that has housed various bureaus and served as the residence of some of China's prominent magnates, including industrialist and banker Sheng Zhushu. It has also hosted several high-profile events, including negotiations between former US president Richard Nixon and former Chinese premier Zhou Enlai, as well as the Asia-Pacific Economic Cooperation summit in China in 2001 attended by then US president George W Bush.
Business Times
8 hours ago
- Business
- Business Times
Despite 1880 closure, private members' club 67 Pall Mall is expanding
[SINGAPORE] Private members' club 1880 may have suddenly closed and gone into liquidation this week, but that is no dampener for another player here. 67 Pall Mall, which started operating in Singapore from 2022, has just signed a lease to expand to Shanghai – its first Chinese outpost. The private members' club with a focus on fine wine will open next year at 7 Donghu Road, in Shanghai's historic Xuhui district. It will occupy the 100-year-old French Renaissance-style Grand Mansion – or da gongguan – built by British businessman Raymond Joseph. Grant Ashton, who founded 67 Pall Mall in London in 2015, said that opening a club in Shanghai allows it to connect with the wine community in China, which 'has long been one of the most dynamic and rapidly growing wine markets in the world'. On entering the country despite its economic woes, Ashton said the club's business model offering access to 'one of the largest lists of wines in the region at reasonable prices' has withstood economic ebbs and flows, including extended closures during the pandemic. 'Our proposition is new to the market in Shanghai and China – one that represents unprecedented value and access to fine wines.' He is not concerned about the sudden collapse of 1880 either. The club had also abruptly closed its Hong Kong branch on May 30. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up 'Our membership model has served us well for 10 years,' he told The Business Times. 'We are a very different club with a singular focus, and everything about 67 Pall Mall revolves around the appreciation of wine.' In Singapore, the club occupies 15,000 square feet (sq ft) across the 27th and 28th floors of Shaw Centre in Scotts Road. The space used to be the penthouse dwelling of the late movie magnate Runme Shaw, where he threw extravagant soirees and wined and dined luminaries and celebrities. The club here is 67 Pall Mall's third, after London and Verbier in Switzerland. It had previously announced upcoming club openings in Melbourne, Australia, as well as in France's Bordeaux and Beaune. Members have access to its clubs around the world. Entrance to the Grand Mansion. PHOTO: 67 PALL MALL As for the Shanghai club, it will comprise around 14,300 sq ft and carry a wine list of 5,000 by the bottle and 1,000 by the glass from 40 countries. The mansion's grandeur will be showcased and it will include spaces such as a Grand Salon, a sunroom overlooking the gardens, a whisky bar and multiple private rooms. The Grand Mansion is a former diplomatic landmark that has housed various bureaus and served as the residence of some of China's prominent magnates, including industrialist and banker Sheng Zhushu. It has also hosted several high-profile events, including negotiations between former US president Richard Nixon and former Chinese premier Zhou Enlai, as well as the Asia-Pacific Economic Cooperation summit in China in 2001 attended by then US president George W Bush.
Business Times
9 hours ago
- Business
- Business Times
Singapore private club 1880's staff in bid to revive club with landlord RB Corp's support
[SINGAPORE] Following the abrupt closure of Singapore private members' club 1880 this week, The Business Times (BT) understands that its staff have banded together in an attempt to revive the business. A source told BT that they have made an offer to buy the club's assets, with support and backing from its landlord, RB Corp – a member of Singapore-based and privately-held property investment and development firm RB Capital Group. The group's flagship development at Robertson Quay includes the InterContinental Singapore Robertson Quay hotel where 1880 is located on the third level. The 22,000 square foot club has a restaurant, bar, spa and co-working space. Speaking to BT on condition of anonymity, a staff member confirmed that the 60-plus strong team that ran 1880 have come together to ask RB Corp for help after they were suddenly left jobless. 'We are 100 per cent ready to move forward together, with the same purpose and ethos that made the club possible,' said the employee. 'Most of us have been working there for a long time, with a handful right from when the club started.' The move came after staff were told by liquidators that they can expect to wait some six to 12 months before wages owed can be paid. 'Many people's livelihoods are on the line,' added the employee. 'Some are foreigners who have signed leases here. They are struggling and have taken personal loans.' The club was founded in 2017 by Canadian entrepreneur Marc Nicholson and has since established itself as a hub for discussions on topics ranging from global conflicts to social justice. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up On Tuesday (Jun 17), Nicholson announced to members and staff via e-mail and WhatsApp messages that the club was closing permanently, and that both its holding company 38 Degrees and operating company 1880 Pte Ltd have been placed into provisional liquidation. BT understands that 1880's local business here was profitable, but that it got into debt after aggressively expanding to Hong Kong and Bali. Its abrupt closure here follows that of its Hong Kong branch on May 30, just seven months after opening in the territory. The club was also building a six-storey beachside hotel in Bali that never opened. A source told BT that the staff's bid to revive 1880 will exclude any involvement from its three co-founders – Nicholson, his wife and club CEO Jean Low, and chairman Luke Jones. A check showed that the trio together own just under 80 per cent of 38 Degrees. The minority shareholders comprise many individuals and entities, including the landlord with a 5 to 6 per cent stake. BT understands that RB Corp is owed rent and has terminated the club's lease. When contacted, a representative from the company told BT: 'As 1880's landlord, we sympathise with the employees who have lost their jobs and the members who made 1880 their second home.' Meanwhile, the staff member said that 1880 was not just any club. 'The culture at 1880 is completely different. We've had events and conversations here that you can't get anywhere else in Singapore.' This was echoed by one of 1880's 2,000-plus members, lawyer Lada Shelkovnikova, who has been an active member since she joined in 2019. 'It was more like a home than an F&B (food and beverage) establishment,' she said. 'I've done an event there myself and had all my client meetings there. Its closure is devastating, and we all feel extremely sorry for the employees because the team is absolutely stellar.' She also had high praise for 1880's programming, which she said was only possible thanks to the staff. 'We've had CEOs, wellness gurus, bestselling authors and C-suites who have come to speak at the club and exchange ideas. No one else can replicate this.'
Business Times
3 days ago
- Business
- Business Times
Singapore private club 1880 suddenly closes under layers of debt; founders accused of holidaying in the past month
[SINGAPORE] Private members' club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. This follows the abrupt closure of its Hong Kong branch on May 30. It was also building a six-storey beachside hotel in Bali that never opened. 1880 was founded in 2017 by Canadian entrepreneur Marc Nicholson, and occupies 22,000 square feet of space on the third level of InterContinental Singapore Robertson Quay. It has a restaurant, bar, spa and co-working space. A source told The Business Times that since Monday, a few club operators have stepped forward, offering to take over the local business. BT previously reported that at least two parties were looking into acquiring the club, one of which is said to be linked to a sovereign wealth fund. 'They see value in the operations of the Singapore business,' said the source. 'These are large players in the F&B lifestyle businesses in Singapore and Asia. Some are existing regional clubs without a presence in Singapore.' The source said the reason for the club's abrupt closure here is due to mounting pressure on Nicholson from the different creditors and suppliers. Staff and members left in the lurch Following the shock closure, staff and suppliers had been heading to the club to collect their belongings and seek answers. There appeared to have been a meeting in the afternoon, from which staff emerged looking dejected. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up BT was told that staff were particularly aggrieved as they claimed that Nicholson and his wife, Jean Low, 1880's co-founder and chief executive officer, had been on holiday in the past month. The couple were said to have been vacationing by a lake in Canada, and after their return, headed to Bali. Meanwhile, staff were keeping the business going amid the financial troubles but there was no communication about a potential closure. It was claimed that Nicholson put the club into liquidation upon returning from Bali. BT has not been able to reach Nicholson or Low. A wine supplier told BT that things were fine until around the middle of last year, when payments started getting delayed. 'We heard that the funds in Singapore were going to Hong Kong, where they had cash-flow problems,' she said. Her company is owed about two months' worth of payment, which is 'not that bad'. 'I heard some wine suppliers are owed five months or more payment.' BT understands that 1880 also owes some rent. A member, who joined soon after the club's founding about eight years ago, said she received an e-mail announcing the club's closure at 1.44 am on Tuesday. In it, Nicholson said the club and all its operations will cease immediately. 'Please do not come to the premises as the doors will be locked,' he wrote. 'My bigger issue is that I run my business at the co-working space there; it's my registered office address,' said the member who went to the club this morning to collect her mail. 'I also use the club for meetings and entertainment. Now it's a scramble to find a new registered address and divert all my mail.' Calling it 'really disappointing', she said members could have been given a heads-up, especially those who run their businesses at 1880. BT understands that there are more than 2,000 members in Singapore, and membership fees were reported to be around S$5,000, with monthly fees of S$245. Members were still getting weekly WhatsApp messages updating them on ongoing events for the rest of this week. Ben Jones, co-founder of another private members' club, Mandala Club, said he does not interpret 1880's closure as a systemic industry warning. 'Each club has its unique context,' he said. 'At Mandala Club, we're on a strong and profitable growth trajectory with exciting new developments in the pipeline both here in Singapore and overseas.' Jones is also open to hiring 1880 staff. 'We've engaged in productive conversations with several experienced professionals who have reached out.' Out of funds In his e-mail, Nicholson claimed that spend and frequency per visit of the club's members has been trending down, and that the company needed an injection and 'some efficiency optimisation'. '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. I was extremely excited believing in my heart that our future was secure and bright,' he wrote. '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.' He said details about the liquidation process and the creditors meeting 'will be forthcoming' and apologised to Low, investor and Singapore club chairman Luke Jones, stakeholders, staff and members. 'I am an entrepreneur. I had an idea and I tried to make it work. We created a brand that earned a reputation that brought opportunities for expansion that I could not resist. Call it hubris, arrogance, capitalism or stupidity, I am solely to blame for the failure of 1880.' A report by the South China Morning Post said that 1880 Hong Kong had about HK$20 million (S$3.3 million) of debt and owes wages to more than 100 staff. The club is also in rental arrears, having taken four storeys in Swire Properties' Two Taikoo Place office complex in Quarry Bay. 1880 Hong Kong started operating in November last year. But unlike the Singapore version, part of it is open to the public. In his e-mail to the Hong Kong members, Nicholson said 1880 Singapore will retain its brand and 'continue under a new group'; and that the Hong Kong members will be granted a one-year overseas membership to the Singapore club, as well as all reciprocal clubs around the world. Additional reporting by Bryan Cheong
Business Times
4 days ago
- Business
- Business Times
Daily Debrief: What Happened Today (Jun 17)
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