The Lianhe Zaobao reported earlier that Nicoson himself suddenly announced the closure of the club last month and had entered the temporary liquidation process. 1880 established a branch in Hong Kong at the end of last year. However, the club fell into financial difficulties after only seven months of operation.
According to an earlier report by the Business Times, employees of 1880 made an offer and received support from owner RB Corp. RB Corp is a company owned by RB Capital Group, a real estate investment and development company. The group's flagship project at Robertson Pier is the location of the 1880 Club.
The Business Times reported that the new club will provide transfer options for more than 2,000 members who have joined before and waive their membership fees.
Local membership club 1880 was closed without warning in June this year. However, it is reported that the club will reopen under a new name in August and will be run by the original team, but does not include the three co-founders of 1880.
After the acquisition offer expired, a team of more than 60 people decided to cooperate with RB Corp to renovate the original site and open a new club. It is understood that employees will become partners in the new business and share profit sharing.
And three co-founders of 1880, including Canadian entrepreneur Marc Nicholson, will not join the newly formed club.
A spokesperson for the new club said that if the original member of the 1880 club chooses to transfer, he only needs to continue to pay the same monthly fee of RMB 245 as before. "As for members who have paid their membership fees in advance, they will enjoy a monthly fee exemption period of up to three months. The club will increase the entry standards for new members in the future."