Credit Crunch Clubs

DOCUMENTS LEAKED to Vision have revealed a financial crisis facing York nightclubs.

Shareholder funds for Ziggy’s, which has recently re-branded, have plummeted by over £100,000 over the last three years. Credit ratings for the club have also fallen dramatically, with its credit limit now only a fourth of what it was.

The effects of the credit crunch hit worst in the spring, when Ziggys’ credit limit fell from £7,000 to £3,000 in less than three months.

The Autumn term will be critical for the club which may be forced to scrap its free entry policy.
Club Salvation is also struggling through worrying financial situations.
Although the business profited by trying to attract more students last year, its credit limit remains almost half of what it was in 2007.

Ziggys were unavailable for comment.