Ernst & Young Australia (“EY Australia”) executives, Morgan Kelly and David Kennedy, were appointed Voluntary Administrators of the Cyprus Community of NSW Ltd (The Cyprus Club) today.
Founded in 1929, The Cyprus Club is a social community club located in Stanmore, New South Wales. In addition to operating the Cyprus consular service, it operates a social club, Greek and dancing schools, the Saturday Café and other services.
The Cyprus Club owns several real estate assets.
Directors of the Club appointed the Administrators due to concerns regarding the future financial position of the club, following an injunction preventing a member vote on plans to redevelop or sell real estate assets.
Administrator Morgan Kelly, Partner at EY Australia, said the primary objective of the administration is to secure a longer-term future for the organisation.
“We understand these are uncertain times for employees, Club members and the community. Our priority is the continuation of services at The Cyprus Club to minimise disruption,” Mr Kelly said.
“The Cyprus Club has a long and proud history and plays an important part in the community. We are committed to having regular and clear communication with members, employees and all stakeholders.”
There will be no interruption to any of the Club’s operations in the immediate term. Saturday Greek and dancing schools, community soccer, the kafenio, the Saturday Café, and Cyprus consular services will all continue. Trading hours will remain the same.
