01/04/2026
Message from the Chairman
Date: 01 April 2026
Dear Members,
I feel it is important to provide an update and communicate openly in order to reduce the speculation and rumours that are circulating.
Discussions remain ongoing with the electricity supplier regarding the outstanding debt. At present, they are requesting full payment of the balance, along with reconnection and administrative charges, and are not currently open to negotiation. As a result, the process is taking longer than we had hoped while we continue to explore every possible solution.
A number of members have asked about the potential sale of the club and what this might mean financially. I want to be clear that some of the figures being mentioned regarding large returns and gains per share are greatly exaggerated and not in the least accurate. Once all outstanding debts are settled and the relevant organisations, including the CIU, take their required percentage, the return per share would likely be significantly lower and potentially under £200, even if a strong sale price were achieved. This has been looked at by accountants and solicitors- so talk of over £5k per person is grossly inaccurate.
There have also been a number of positive approaches from individuals and outside groups who have expressed a willingness to help the club, work with myself and the President to help us move forward. Some potential investors have offered short-term financial support to help reopen and begin trading again, although these offers come with certain conditions regarding future governance arrangements, involvement, and certain committee members standing down. In addition, other organisations have offered their support and expertise in an effort to help the club become operational again.
At the same time, there are several administrative matters that still need to be addressed, including updating bank mandates. Discussions are also continuing around possible financial options such as loans or a remortgage, which may help support the club’s future.
Once there are clear and workable proposals in place, a properly convened members’ meeting will be arranged. This will allow everyone to review the facts, discuss the options openly, and vote on the direction members wish the club to take. At this stage, however, no final decisions or guaranteed arrangements are in place.
My priority remains the same: to work towards stability, unity among members, and a sustainable future for the club, with the aim of seeing it reopen and succeed once again.
Yours faithfully,
Paul Glover
Chairman
Castle Street Club