A RECOVERY plan for the struggling Fishermen’s Club has been given the green light by members and the club’s creditors.
Around 200 members gathered at the Royal Parade social club on Wednesday evening (October 12) and voted unanimously for the club adopting the Company Voluntary Arrangement (CVA).
The creditors had agreed to the plan on Wednesday afternoon, before the members meeting.
The recovery plan for the business comes after the club admitted it was struggling to survive earlier this year.
With membership down by almost half on last year and bar takings at an all time low, the club’s future was uncertain. Now, an independent supervisor has been appointed to make sure the structured recovery plan is followed.
Richard Field, who has been working on a business and action plan, said, “The members are on board to take the club forward. It was a positive meeting with some positive ideas from the members.”
The club’s estimated debt is between £70,000 and £80,000 but it has managed to keep up with the payments on its mortgage and brewery loan. The action and business plan puts forward measures to cut costs and boost profits.
It is hoped that various measures including reviewing the membership cost, increasing the use of function room, providing entertainment for all ages and offering franchise on the restaurant will help reduce the debts and start making a profit.
Mr Field has also promised members he will keep them informed of developments and be ‘as ‘transparent as possible’.