Bangalow residents are one step closer to reopening the doors of their beloved bowlo.
The community turned out in full force Wednesday night, pledging a remarkable $110,000 in financial support for the Bangalow Bowling and Sports Club.
Spokesman for the club rescue group, Brian Mackney, said it was heartening to see the solid level of support from the community.
Mr Mackney said, ‘In turning out this evening the community has made three very strong points: they want to retain their club; they want their club to change; and they are prepared to dig deep to see that happen.’
The meeting supported the idea that the sale of debentures (similar to bonds) was a realistic alternative to selling the club’s assets.
But the group first has to persuade the club’s administrator and, secondly, raise a further $190,000 before 21 February, when the administrator is due to make his report.
The voluntary administrator, Mr John Vouris, was appointed to the club on 13 January this year, as the directors became concerned about the club’s diminishing liquidity.
A creditors meeting of the 25 January heard that since the club was ‘asset rich and cash poor’ there were good prospects for recovery of monies owed.
Options outlined for repaying creditors included sale of assets; rezoning and sale of land; amalgamation; or closure and liquidation of the club. Alternatively the members could find the money to pay outstanding debts.
The club rescue group says its plans make the sale of the club’s assets unnecessary. With strong community support, good management and professionally based business practices, the group believes the club could quickly turn its fortunes around.
Local accountant, John Hudson, outlined that the group aims to raise $300,000 through the sale of secured debenture stocks to clear the existing outstanding creditors, pay off the bank and the administrator’s costs and set the club on a new path.
The group will finalise its submission to the administrator over the coming week, and it encourages anyone who wishes to participate in the debenture issue, to contact John at Hudson Management Services in Bangalow on 6687 2960.