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.