| Company House records show The Royal Bank of Scotland has pulled the plug on the mortgage it holds on Cubic nightclub (formerly London), in the old Post Office building in Meadowside.
A Glasgow firm of accountants has been appointed as receivers to AWC 1 Ltd, whose sole director is listed as Angus William Cruikshank.
Mr Cruikshank purchased the building when it was known as Circus. London and the associated Bar None (Yuppies) opened in September, 2004, and became a well established venue.
James Stephen, business restructuring partner with BDO in Glasgow, said the nightclub will continue to operate but he could give no guarantees about what will be done with the building if it’s sold.
He could not confirm the total debt racked up by the company but added that, while there were some other “minor” receivers, RBS is the major creditor.
Mr Stephen said the plan is to keep the nightclub running, saying, “As long as the tenant continues to pay the rent and complies with the terms of the lease, it will continue to operate.”
He said BDO had only been appointed as receivers recently and the building is not yet formally on the market, but that will happen “imminently”.
Asked if it would be sold as a building that is home to a nightclub he said, “It could go either way. It could remain as a nightclub, it could be something else. It just depends on the interested parties who would want to take it.”
He confirmed that Graham & Sibbald have been appointed as local agents handling the sale. It is understood feelers have already gone out to several potential buyers.
Dundee High School, neighbours across Euclid Crescent at the back of the building, who sources said had been approached by the selling agents, denied they were interested.
A spokesperson said, “We are aware the site is on the market but have no plans to purchase it.”
* Two Dundee city centre pubs have closed down.
The Old Horseshoe Bar, on Commercial Street, has the shutters pulled down and a notice informing customers it’s closed until further notice.
It’s understood licensee Mike Halford, a long-time landlord in the city, has been ill.
Mr Halford formerly ran Deacon Brodies, in Ward Road.
Attempts to contact Mr Halford or his daughter, Angela, who manages the Old Horseshoe, were unsuccessful.
The pub was opened by Mr Halford and his two daughters two years ago. It was formerly known as the Mercantile.
Meanwhile, also closed is The Waterfront Bar, in Whitehall Crescent.
The doors are locked, with unopened mail lying inside, a To Let sign in the window but no explanation to why the pub isn’t open for business.
The pub, once called The Galleon, reopened only last year after a substantial refit which included new kitchens, and was also used as a live music venue.
The owners could not be contacted. |
