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[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 sudden closure of its Hong Kong branch on May 30.

In an announcement to members, founder Marc Nicholson said the club and all its operations will cease immediately. “Please do not come to the premises as the doors will be locked,” he wrote in an e-mail.

Nicholson claimed that spend and frequency per visit of the club’s members has been trending down and that the company needed an injection and “some efficiency optimisation”.

“We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. I was extremely excited believing in my heart that our future was secure and bright,” he added. “We were, however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close.”

He said building the club was a dream come true.

“The dream was always to bring people together. To share ideas about how to make a better future, to form bonds, friendships and have meaningful debate.”

He said it was an “unbelievable pleasure and honour” to work alongside the people who made 1880 what it was and to serve its members.

“I am an entrepreneur. I had an idea and I tried to make it work. We created a brand that earned a reputation that brought opportunities for expansion that I could not resist. Call it hubris, arrogance, capitalism or stupidity, I am solely to blame for the failure of 1880.”

He also apologised to his co-founder and wife Jean Low, investor and Singapore club chairman Luke Jones, stakeholders, staff and members.

“Thank you and I am truly sorry.”