Your Premier Cash Property Buyers for Working Mens Clubs

Why Choose Home House Buyers?

As one of the premier cash property buyers in the UK, we stand apart in the property buying sector for several reasons.

1. Fast Process: We pride ourselves on our ability to finalise deals quickly. In most instances, we can complete the purchase in as little as 14 days. This speed can be invaluable when you need to sell your social or snooker club quickly.
2. Cash Purchase: Unlike many other buyers who rely on mortgage financing, we make cash purchases. This approach streamlines the buying process, eliminating the delays associated with mortgage applications and approvals.
3. Hassle-Free Experience: We handle every aspect of the transaction, from dealing with legal paperwork to liaising with solicitors, to ensure a hassle-free experience for you. We also absorb all the legal fees associated with the sale, providing further financial relief.
4. Confidentiality: We understand that the decision to sell your club might be sensitive, and we guarantee complete confidentiality throughout the process.
5. Fair Valuation: Our experienced valuers will evaluate your property meticulously to ensure you receive a fair and competitive price.

The Selling Process

Selling your club to Home House Buyers is a simple, three-step process:

1. Get In Touch: Contact us and provide the details of your club. One of our team members will discuss your needs and answer any questions you might have.
   
2. Property Valuation: Our team will then assess your club’s value, considering factors like location, condition, and market trends. We promise to provide a fair, no-obligation offer.
3. Completion: If you accept our offer, we move quickly to finalise the sale. We handle all paperwork and associated legal fees. Once everything is in order, we complete the transaction, transferring the agreed-upon cash amount to you.

Selling a social or snooker club doesn’t have to be a daunting task. With Home House Buyers – you can ensure a smooth, hassle-free sale that respects both the monetary value and social significance of your property. Don’t hesitate to contact us today to begin your selling journey.

What are the steps of winding down a club?

If the club is to be dissolved, the Officers and Committee often face criticism and could potentially face legal proceedings and suffer financial loss. Therefore, it is crucial that the correct procedures are adhered to and professional advice is sought at an early stage of the process.

The initial point of reference should be the club’s rulebook, which should outline the procedures for dissolving the club. The rulebook typically states that the decision to close the club and cease trading lies with the members at a duly convened members’ meeting. Hence, the first step should be to convene a General Meeting of the members.

It is considerably simpler to dissolve a solvent club than an insolvent one. It is also easier to dissolve a club registered under the Co-operative and Community Benefit Societies Act 2014 (Registered Society) than an unincorporated club or a club registered as a Friendly Society. Registered Societies have ‘Limited’ at the end of their name and do not have Trustees.

Once the decision has been made, the club will have to be formally dissolved, either by the Official Receiver, the bank, the brewery, or by a liquidator appointed by the club. If the club is solvent, it can be dissolved by the members without resorting to a liquidator or receiver. Please refer to the FCA website on the ‘instrument of dissolution’. If the liquidator has to be paid from club funds, it can be costly. If the club is insolvent and has no funds to pay a liquidator, it will be reliant on the bank, brewery, or another supplier petitioning the Court for the club to be dissolved, eventually appointing the Official Receiver.

It is almost a certainty that the process to wind up the club’s affairs will take longer than you initially anticipated. Consider a timeframe of one year.

All creditors must be treated equally, with the exception of employee’s wages. Do not give ‘preference’ to one debt over another. For instance, if you can only afford to pay half the club’s debts, do not pay any one supplier more than 50p in the pound.

If the club owns the premises freehold, a surplus may exist when the club is dissolved. This surplus will be distributed in accordance with the club’s rules, which usually stipulate any surplus to be returned to the sponsoring body or equally among all members. Where the club rules are silent on the distribution of any surplus, the legislation requires the surplus to be distributed equally among all members, regardless of length of membership.

However, if members anticipate a payout from the sale of the club premises, they may be disappointed. By the time debts are repaid, the licensed insolvency practitioner’s fees, estate agent fees, and outstanding tax liabilities are paid, there is usually little or no surplus left. This has been particularly true in recent years due to the excess supply of vacant licensed premises and a sluggish property market.

If there is a deficit, the liability of officers and members depends on the club’s legal status. If the club is a Registered Society, the liability will end with the club. Officers, members, and employees will not usually be liable to meet the shortfall in the club’s funds. In respect of Friendly Societies and unincorporated clubs, the situation is complex, and members have unlimited liability (jointly and severally) for the debts of the club.

To avoid responsibility for the club’s debts, the Committee or members should avoid offering personal guarantees to the club’s lenders or suppliers.

Ensure the membership register is accurate and current. In the event of a surplus or deficit upon winding up, the membership register becomes a crucial record and should be securely stored by the Secretary.

If items are to be removed from the club, offer members the opportunity to purchase any assets at market value, for example, furniture or equipment. At a later date, you may need to prove that a fair market price has been paid. Cellar stock should be depleted prior to closure.

If the club is a Registered Society and lacks sufficient funds to pay redundancy, there may be government funds available to cover statutory redundancy. The liquidator or receiver should be able to provide you with further information.

Ensure you know the location of the deeds for the club’s premises. If the deeds are in the name of Trustees, ensure they are available to sign documents. Deeds are not required if the title is registered with the Land Registry, although many solicitors still request to see original documentation to confirm matters such as land boundaries and covenants.

Ensure the club premises are secure and continue to be maintained; the portion of the club’s insurance policy covering the building, fittings, and third-party liability must be continued. Discuss the security of the club’s premises with secured creditors such as the brewery or bank.

Continue to maintain the bookkeeping system and keep a record of any income or payments. This can demonstrate to members and third parties that proper procedures have been followed. Ensure key documents such as insurance papers are kept in a safe place.

Complete and submit VAT returns. Notify HM Revenue & Customs that the club has ceased trading and that you wish to deregister for VAT; write to the local VAT office.

HM Revenue & Customs need to be informed that the club has ceased trading; a final corporation tax return may be required for the final period prior to closure.

Keep members informed. Call a Special Meeting at another local club within 2 to 3 months of closure; advertise the meeting to members using the local paper. Remember to keep the brewery, suppliers, ourselves, and other interested parties informed.