Pegasus club committee to make buyout bid (From Thurrock Gazette)

Pegasus club committee to make buyout bid

4:20pm Wednesday 16th January 2013 in News

THE committee responsible for running a popular sports and social club which is under the threat of closure is to put forward a make-or-break buyout scheme to members.

After growing frustrated at the lack of communication offered by administrators over potential buyers, members of the Pegasus Club, in Herd Lane, Corringham, will be asked at a meeting in two weeks to take things into their own hands by contributing to a buyout scheme.

The future of the club has been uncertain since the closure of Coryton oil refinery last June.

Before Christmas, it was revealed a “substantial” bid by Thames Oilport, the consortium who purchased Coryton oil refinery in September after Petroplus went bust at the beginning of 2012, to buy the club and put it into a trust was turned down by PricewaterhouseCoopers.

The club has still not been put up for sale, leading the executive committee to think PwC wants the club vacated so the land can be sold for more money.

In November, a council document indicated a change to green belt status, which currently prevents development on the Pegasus club land, would be put to consultation this month.

Paul Cairns, on behalf on the Pegasus club executive committee, said: “An Oilport consortium bid had been rejected by PwC and as it will not put the club up for sale, we have decided to go for a members’ buyout scheme, as this seems to be our last option.

“We will be looking for help from outside investors and local businesses and substantial interest has already been shown.

“It will be a difficult task and we are looking at a long term plan to ensure the future of the club, which will then be put in trust for the use of the local community.

“We would like to think the council and PwC would back us were we able to do this.”