Falmouth nightclub owners ‘cut their losses’ and shut down four months after opening
THE landlord of a Falmouth nightclub has repossessed the building after the owner ran into financial difficulty and closed its door just four months after opening.
Vanilla nightclub opened for business in September on The Moor in the former home of Remedies nightclub.
Last week the owners called time on the premium-led nightclub, saying that the business “just wasn’t working” in the town.
Customers saw a notice pinned to the door of the grade two listed building last week announcing that the tenant, Penswood Inns Falmouth, had forfeited the lease and that its landlord, Greendale Leisure, had taken repossession of the property.
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Penswood director Graeme Scrimgeour said that, despite significant investment in the business, he had to cut his losses.
“I know I have lost some money,” said Mr Scrimgeour, who also owns Vanilla Truro.
“I have to deal with that. That’s part of life. We will get that dealt with and work it out with the lenders.
“It is probably a sensible thing because you could just keep pouring money into something like that which is not financially viable. At some point you have to cut your losses. I think it is one of those life lessons.”
He added that the premium pricing strategy, which has been successful in Truro, just “did not suit” Falmouth.
“We had to alter the pricing and it wasn’t so much of a premium product anymore and it wasn’t getting off the ground properly. It is a real shame.”
Penswood Inns Falmouth is a separate company from Penswood Inns, so it will not affect the Truro bar and nightclub, which has been open for more than four years.
Mr Scrimgeour said that he ended the lease with the landlord amicably.
“We have had a really good relationship with the landlord and they have been really supportive,” he said.
“By forfeiting the lease it just enables the landlord to have more control. It releases them from certain obligations. I can’t say any more than that.”
Mr Scrimgeour said that some of the staff from Vanilla Falmouth will be transferring to the Truro venue.