Barwan Street motel The Club Motor Inn will change hands from the Narrabri Bowling Club to an experienced motelier following its successful sale.
The sale of the accommodation facility to Queensland-based CMI Property and Club Motor Inn Management now ensures Narrabri Bowling Club’s creditors can be completely repaid.
Deed administrator of the club, Alan Hayes, of Hayes Advisory, said the repayment to creditors includes the primary funder, the Commonwealth Bank, which was repaid at settlement of the sale contract and its mortgages discharged.
“The balance of creditors are expected to be repaid within approximately six weeks,” Mr Hayes said.
As a result of the process, Mr Hayes advised The Courier that Narrabri Bowling Club is solvent.
He said the club has no debt, money in the bank, land and buildings in Maitland Street, ancillary assets, an engaged membership and alternatives for a bright future all of which are a consequence of the hard work of many.
Among the requirements to complete the sale were members’ approval of the sale, subdivision of the motel land, search for and appoint the best motel broker (Manenti Quinlan and Associates), trading to continue, a marketing campaign as well as contract negotiations, due diligence and completion.
Those involved to effect the sale were motel manager Liz Lenehan and her predecessors Jenny and Mark Baker, bowling club general manager Pat Cullen and his predecessors including Steve Ginty and Greg Hornby, Narrabri Shire Council, Juliana McArthur of McArthur Legal Services, accounting firm Forsyths, bowling club members who maintained their membership and supported the club, the former and current board of the club and staff as well as the dedicated band of lady bowlers.
Mr Hayes paid tribute to the important work of his colleagues Wayne Marshall of Steve Walton of Hayes Advisory.
He congratulated the motel’s purchasers and wished them, Narrabri and its bowlers every success in the future.
“The lady bowlers were always a source of reason, common sense and inspiration,” he said.
Mr Hayes also thanked the individuals and organisations listed for their hard work.
He also advised that the club’s creditors will be repaid subject to his adjudication of their claims.
“The creditor payment process will commence with a report to creditors to be sent in the next fortnight which will require a formal response from creditors to enable payment of the first and final dividend to unsecured creditors,” he said.
“Creditors may expect repayment by the end of October.”
Outgoing manager of the motel, Liz Lenehan has been handing over the reins to the facility to new managers John and Libby Barich who are settling in to life in Narrabri.
Ms Lenehan thanked the motel’s housekeepers for their loyalty and support during her time at the accommodation facility.
The staff at the motel have been praised for keeping the operations as business as usual, with their usual attention to detail, during the entire process.
See more on the Club Motor Inn:
- Sale of the Motor Inn may repay debts, allow bowls to continue
- New era for Narrabri Bowling Club as members vote on future
- Narrabri bowlers pin hopes on Club Motor Inn sale