ClubCOLLECTIVE September 2021
The degree of shock and apprehension we confronted when the club industry was shut down in 2020 was significant. The reaction to the lockdown in 2021 was more measured, however the effects and impacts will be more profound this time around. Many clubs were able to accumulate cash reserves after reopening and that has put them in a better position to withstand a second lockdown but only for a finite amount of time.
However, for clubs in Greater Sydney, this closure will be for a longer period than in 2020. We are now a community 'living' with the Delta variant which will probably change some attitudes to socialising and gathering.
Due to lockdown, we had many venues closed at their financial year end and possibly at the time required for annual accounts to be signed off, which will likely result in an increased focus on going concern by auditors.
Russell Corporate Advisory are actively assisting clubs in dealing with these circumstances and providing regular updates in newsletters. If you would like to be added to the database or are in need of assistance please contact the team at info@russellcorporate.com.au.
Contact Information
Name: Greg Russell
Title: Director
Mobile: +61405100463
Email: greg.russell@russellcorporate.com.au
Website: https://www.russellcorporate.com.au
