Wentworth Services Club has posted a three month loss of $75,800 but new General Manager Peter Thiry believes that a turnaround can be achieved.
It is believed trading figures for the months of October and November were good but December trading was not.
Mr Thiry said that a number of cost cutting measures had been undertaken in the past few weeks and these are especially necessary as January and February trading is not strong.
The three monthly balance sheets were posted at the weekend in the Club foyer, which has been returned to its previous location.
He said that members will still be able to access the club by swiping their card at the entrance close to the corner.
Mr Thiry said that while the previous financial consultant had projected to Club directors that the current budget would achieve a $400,000 profit for the year, this had been down graded later to a profit projected to be $220,000 just before his departure.
He said that the consultant services which had been provided by Phillip Shugg had now ceased.
Sources who had attended the annual General Meeting last September had previously indicated that the outgoing directors had appointed Mr Shugg to manage the Club financials for a fee of around $11,000 per month.
Mr Thiry said that while the three monthly losses are regrettable he believes the Club remains solvent and that a new line of credit has been established with the bankers to ensure the Club is able to trade in the quieter months of the year.
Three new Wentworth directors have been appointed to the Board since the annual General meeting.
New directors are Keith Bayes, Max Partridge and Noel Thomas, who replace the four directors Susan Nichols, Sandra Arnold, Russell James and Barry Wright who resigned when Mr Thiry got the job as the new General Manager last month.