Club returns from point of bankruptcy
PUBLISHED: 13:00 04 June 2014
THE chairman of a Weston club has described its ‘rags-to-riches’ story in which the committee paid off a near-£40,000 debt in just three years.
Pete Farrand, the chairman and president of the Boro Sports Social Club in Locking Road, said the club was facing closure three years ago.
He said other similar clubs around the country have seen their turnover plummet, some by 50 per cent.
Mr Farrand told the Mercury hard work by him and the staff has turned the club around. It is now profitable and out-performing others around the UK.
He said: “Three years ago, we were on the point of bankruptcy.
“I went to meet with senior management at the bank and we were told if we didn’t reduce our debt by £1,000 we would be facing imminent closure.”
Mr Farrand said he negotiated everything from drinks prices to electricity and created some new club nights to try to turn around its fortunes.
He said: “It was a two or three-pronged attack. I had a four-year plan.
“The bank wanted £38,000 in four years and now we have paid that back and are now a similar amount in the black after almost three years.
“It’s a rags-to-riches story. We are all enormously proud of it. It shows what we are doing is working.”
Pete said his advice for any businesses trying to change their fortunes was to renegotiate with every supplier.
He said: “One of the reasons we were paying huge amounts for our products was the previous people weren’t for negotiating.
“And big companies bully people like that. I wasn’t really experienced in it, just had some business nous.
“Every single bill which comes into the building will be quibbled and argued about.”