Newcastle’s Tup Tup Palace hits the wall
By Paul Smith • Aug 2nd, 2008 • Category: news, nightlife
Newcastle nightlife is having a hard time of things at the moment. In just seven days we’ve seen the iconic Tuxedo Princess depart for foreign climes and the Baja beach club announce its closure in a fortnight’s time.
Now the future of another well-known venue is uncertain after calling in the administrators, owing tens of thousands of pounds.
Just nine months after opening, the Tup Tup Palace is in trouble. The company that spent £2 million launching the venue, Pathfinder Ventures, went into administration last week.
newcastlecentric has received copies of the letter sent on Wednesday to suppliers that are owed considerable sums of money.
A lack of trade to fulfill the financial expectations of the venue seem to be the issue; the management had predicted the club would generate £45,000 in revenue every week.
The venue is expected to continue trading for the time being; according to the Journal, the lease for the business has been sold to the Tokyo Group.
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Paul Smith is the editor of newcastlecentric.com. He's quite a tall chap.
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[...] reported at the beginning of last month that Newcastle’s Tup Tup Palace was already in the hands of adminstrators, barely nine months after [...]