Singapore private club 1880 eyed by at least two potential buyers; one linked to a sovereign wealth fund
Interest in purchase of club follows sudden collapse of Hong Kong branch
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[SINGAPORE] At least two parties are now looking into the potential acquisition of Singapore private club 1880, one of which is said to be linked to a sovereign wealth fund. The other is a local investor who plans to retain its brand and inject fresh capital and new ideas.
A source told The Business Times that the local business continues to be profitable and successfully run. “If you go on a Friday night, you can’t get a seat,” said the source. “It is packed and revenue is coming in.” But there are “many creditors” due to a mismanagement of the club’s expansion to Hong Kong and Bali.
1880 has been in the news following the sudden closure 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, but that business never opened.
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