1880 founder Marc Nicholson files for bankruptcy; club’s brand sold to group behind Mandala Club
The purchaser, Icon1c, is looking for new premises to reopen the club
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[SINGAPORE] The founder of private social club 1880 has filed for bankruptcy, even as the club’s brand and intellectual property (IP) were sold to Icon1c, a lifestyle group that includes Mandala Club.
An insolvency search by The Business Times found that Marc Nicholson, who started 1880 in 2017, applied for bankruptcy late last month, citing debts of S$1.5 million. His lawyer for the application is Adrian Wee, whose main areas of practice are in commercial and criminal litigation.
The club, which was located in Robertson Quay, suddenly closed on Jun 17 after running into financial troubles when it expanded to Hong Kong and Bali. A provisional list of creditors as at Jun 9 seen by BT shows that the club owes S$4.1 million to over 200 creditors, including landlord RB Corp, DBS, HSBC, suppliers and staff.
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