Latest news with #Nicholson
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.'
Daily Record
12 hours ago
- Entertainment
- Daily Record
Fans have just days to watch 'masterpiece' war film with 'greatest ever actor'
The Bridge on the River Kwai is set to leave Amazon Prime Video imminently and fans of the 1957 war film are being urged to watch it now before it's too late Released in 1957, this war film remains a timeless classic, with critics continuing to regard it as one of the greatest of all time, but it's set to be removed from streaming platforms. The Bridge on the River Kwai, an award-winning film set during World War II, is hailed as a "masterpiece" by contemporary viewers. The movie boasts an impressive 96% rating on Rotten Tomatoes, with a plethora of five-star reviews. Written by Pierre Boulle, who also penned Planet of the Apes, and directed by renowned British director David Lean CBE, the film's success can be attributed to the exceptional collaboration between the creatives and its outstanding cast. One viewer praised the film on Rotten Tomatoes, saying: "There will never be another movie that approaches this one in ambition and grand scope. The screenplay, acting, location, and setting - it's as if designed by providence. Just brilliant." Another reviewer agreed, stating: "Not much to say other than that the bridge on the river Kwai is an absolute masterpiece in every aspect.", reports the Express. A fellow viewer echoed this sentiment, writing: "The best war movie I've ever watched. A true masterpiece!" In the year 1943, a contingent of British prisoners of war, led by the formidable Colonel Nicholson, arrives at a Japanese internment camp in Thailand. However, they're met with brutal living conditions. Under duress, their Japanese captors instruct them to construct a crucial bridge to support the Burma-Siam railway. But what their captors are not aware of is that the prisoners concoct a clandestine plan to undermine this ambitious construction project. Colonel Nicholson, in a determined effort to boost morale and fortify his comrades' spirits within the camp, convinces them that diligent work is the path forward. As a testament to his unwavering principles, he endures inhumane torment at the hands of the ruthless camp guards. In a separate turn of events, Allied forces orchestrate a perilous commando operation that seeks to annihilate the bridge. Alec Guinness shines as Colonel Nicholson, delivering what is being hailed as a masterful performance. The late actor, who had earned numerous prestigious awards, had earned his reputation as one of Hollywood's finest. Ultimately knighted by Queen Elizabeth II for his remarkable contribution to the arts, Guinness continues to be revered for his roles in several iconic, highly acclaimed films. A glowing review reads: "Hayakawa, Holden and Hawkins are all superb, but it's the towering performance of Guinness which elevates this movie to classic status and guarantees its place in movie immortality. Once watched, it's a film you will never forget." The film boasts an all-star cast, with Alec Guinness sharing the screen alongside William Holden, a major box office draw in the 1950s. The presence of these Hollywood heavyweights lends depth and authenticity to the wartime narrative, cementing The Bridge on the River Kwai's status as a landmark film. Critics have lavished praise on the movie, with one reviewer hailing it as having "One of the greatest and most satisfying endings in all film history". Another critic has described the 1957 epic as "One of the great, action-packed epics of the late 50s". As the film is set to depart Amazon Prime on July 1, now is the perfect opportunity to immerse yourself in the cinematic masterpiece that is The Bridge on the River Kwai.
Business Insider
3 days ago
- Business
- Business Insider
Bell Potter Keeps Their Buy Rating on COG Financial Services Limited (COG)
In a report released today, Hayden Nicholson from Bell Potter maintained a Buy rating on COG Financial Services Limited (COG – Research Report), with a price target of A$1.75. The company's shares closed today at A$1.47. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Nicholson is a 3-star analyst with an average return of 12.1% and a 52.38% success rate. Nicholson covers the Financial sector, focusing on stocks such as HUB24 Limited, COG Financial Services Limited, and Netwealth Group Ltd.. COG Financial Services Limited has an analyst consensus of Strong Buy, with a price target consensus of A$1.48. The company has a one-year high of A$1.62 and a one-year low of A$0.86. Currently, COG Financial Services Limited has an average volume of 445.6K. Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is neutral on the stock.
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
AsiaOne
4 days ago
- Business
- AsiaOne
Singapore private club 1880 suddenly closes; founder says it has no funds to pay staff and suppliers, Lifestyle News
SINGAPORE — Private members' club 1880 announced its sudden closure on June 17 after almost eight years in business, with its holding and operating companies placed under provisional liquidation. The club, located in Robertson Quay, explained the closure in e-mail and WhatsApp messages to members in the early hours of June 17. It said it could not secure several offers to invest in or acquire 1880, and has no funds to pay staff and suppliers. The message, which was seen by The Straits Times, was signed off by Canadian founder Marc Nicholson. It said: "The club and all its operations will cease immediately. Please do not come to the premises as the doors will be locked." Nicholson said in the message that the holding company 38 Degrees and the operating company 1880 Pte Ltd have been placed into provisional liquidation, and that details about the liquidation process and the creditors' meeting will be forthcoming. The club comprised a co-working space, restaurant, bar and spa for members. It hosted trivia nights, forums and dialogues with personalities from diplomats to explorers and entrepreneurs. Its closure follows the sudden closure of its Hong Kong branch on May 30, after less than seven months in operation. It was also building a property in Bali. In the message, Nicholson said visitors had been spending less and going less often, adding that "the company needed an injection and some efficiency optimisation". There were three offers to invest in or acquire 1880, he said. ST understands that potential investors included a sovereign wealth fund and a privately held real estate group. "(Any one) 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," Nicholson 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." The message also alluded to the club's expansion efforts as contributing to its collapse. Said Nicholson: "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." ST has contacted 1880 for comment. As at June 16, it appeared to be business as usual at 1880, with the club still promoting events on its social media pages. One of the club's founding members, Andrew Chan, said he was still getting updates for events that were two weeks away. But he also said the writing was on the wall after 1880's biggest annual White Party was cancelled and its Hong Kong outlet was shuttered. "In recent times being at the club, it was a lot quieter," said Chan, who runs a recruitment and professional training firm in the hospitality sector. "But I'm not upset, it's just business, and F&B businesses are struggling... I've seen it firsthand as someone who works in the sector... I feel more for the staff of 1880, they were great people." Ben Jones, co-founder of Mandala Club in Bukit Pasoh Road, which is another player on the scene, said: "The closure of 1880 marks a significant moment for Singapore's cultural and social scene." Jones added: "As a fellow private members' club, we recognise the vision and effort it takes to create spaces that bring communities together in meaningful ways." He declined to comment on the specifics of 1880's business challenges. [[nid:719111]] This article was first published in The Straits Times . Permission required for reproduction.
