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Coral Beach Club’s future ‘looking better’, says chairman

Membership in Coral Beach Club is “safer” and its future is “looking better” after KPMG was appointed as receivers. This from George Wardman, landlord and chairman of the Board of Governors.

He told members in a letter on Monday: “You will have received by now a letter from Charles Thresh concerning KPMG’s appointment as Receivers. It was not unexpected. I think the letter capably and accurately reflects the current situation.

“I want to reassure you that your continued membership in the Club is safer now. Having a resolution of the uncertainty can only help to find a sensible and agreeable solution. Indeed, there are rumours of several possible outcomes. It is all looking better.”

Mr Wardman continued: “In any case, the powerful forces of economic good sense work in your favour. While it is early days, even a distant Swedish Bank seems likely to respond to the inescapable conclusion that your Membership is the life of the Coral Beach Club and it would be foolish indeed to abandon that. These are not foolish people.

“My experience so far (and of others that I respect) seems to suggest that the Club is currently delivering good quality in every department. This is great credit to the staff. If you still wanted to continue your Membership but had been understandably sitting on the fence, you may now wish to take another look in light of a more secure future. I say again: ‘This project has faced many challenges but you may be sure that the no one has given up. At the end of the day we are certain there will be a Coral Beach Club to withstand the test of another 65 years.’”

On Friday it was announced KPMG Advisory has been named Joint Receivers to the Coral Beach & Tennis Club and Horizons.

KPMG said together with the mortgage holder, Swedbank AB New York Branch (Swedbank), and their agents, the Joint Receivers are currently taking steps to find a suitable purchaser for both the Club and Horizons.

“The Joint Receivers intend to continue the operations of the Club without interruption, and will continue to work with Club management, employees and suppliers to ensure as little change as possible throughout this period,” KPMG said in a statement.

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Published February 27, 2013 at 8:00 am (Updated February 26, 2013 at 10:04 pm)

Coral Beach Club’s future ‘looking better’, says chairman

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