AFTER almost coming close to having to shut its doors, the Leeton Soldiers Club has achieved a significant turnaround.
It has been about two-and-a-half years since the club was placed into voluntary administration, but the business is showing promising signs for the future.
For the 2014-15 financial year, the club posted a financial trading profit of $87,714.
It is the first time in many years the club has recorded a profit after many years of being deeply in the red.
Early next year the club will be required to finalise all of its payments to creditors under its deed of company arrangement (DOCA).
This final action will have seen the club “retire” about $1.3 million in debts over a three-year period.
Once this occurs, the club will no longer be in voluntary administration.
Club secretary-manager Adam McIntyre said the road ahead was still long, but it was pleasing to report on a positive year.
“It’s been a hard slog, but the light is at the end of the tunnel,” he said.“We definitely want to thank the community and our members for all of theirsupport.
“Without them we definitely would have had to close our doors back in 2012.Once again our board has been instrumental in delivering this financial result.
“(Their) patience, desire and skill has helped us continue on our path in becoming a sustainable and commercially-viable business in the future, while still embracing and supporting our community as strongly as in the past.”
During the year, the club’s directors have also created a five-years strategic plan that addresses the areas of finance, operations, marketing, staff, governance, security, food and beverage and future investment.
Mr McIntyre said the club was well aware there were still many improvements to be made.
“We’re in an ageing building and where we can we will certainly be upgrading,” he said.
“Once we’re out of voluntary administration there will obviously be more freedom allowed to us, but we still need to be careful.”
In his annual report, board president Barry Greatz was also impressed with the result.
“The next 12 months will see some important strategic decisions being considered by (the) board,” Mr Greatz said. “This time next year will see us free of the burden of the DOCA and hopefully in a strong enough position to implement some of the targets in the strategic plan.”
This story Administrator ready to work first appeared on Nanjing Night Net.