A share debenture scheme for members has been put forward as a rescue plan for the troubled Fishermen’s Club in Royal Parade.
About 100 members struggled through last Monday night’s atrocious weather to hear of the latest efforts to save the club.
A previous special meeting had been told the club had to find £150,000 by the end of January or face closure.
Talks with brewery Greene King had seemed hopeful but chairman Richard Field told the meeting that they had now failed.
He went on to explain the possibility of a consortium of shareholders from within the members buying the freehold.
He told the meeting that more than £200,000 had been pledged towards the scheme which would then see the club lease the building from the consortium.
“We have an important decision to make tonight about the future of this club and I think the share debenture scheme is a great way forward.
“Buying shares would be like buying a house.
“You would have your share interest in the freehold of this prime site and would also be eligible for a dividend each year.
“If the club should get into further difficulties the freehold of the building would remain with the shareholders consortium.”
Mr Field answered numerous questions from a relatively optimistic audience and his appeal for trustees to administer the scheme brought forward four names.
“This will take some time to put into place but it will give us breathing space,” he said.
“If we can firstly pay off an outstanding VAT bill and then deal with a CVA financial obligation the club will be on a surer footing.”
It was agreed the trustees would meet with the chairman and take the scheme forward as soon as possible.
The meeting agreed the shares would be limited to members only and would be set at £100 per share.
In the meeting the chairman urged the membership to continue to support the club into the new year – including the January membership drive for subscription payments.