Sentosa seaside membership Tipsy Unicorn shuts down amid authorized dispute

Editor’s Observe: The next article has been up to date to replicate the most recent assertion from Sentosa Growth Company (SDC).

Tipsy Chook is owned by native hospitality group Tipsy Collective, which has confronted years of authorized disputes

Sentosa seaside membership Tipsy Unicorn has ceased operations after its operator was ordered into obligatory liquidation by the Singapore Excessive Courtroom.

In line with a report by The Straits Occasions, the venue’s operator, Tipsy Chook, was wound up on Jan 23 this 12 months after United Abroad Financial institution (UOB) filed a winding-up software. Courtroom paperwork seen by the publication confirmed that the financial institution is in search of to get well greater than S$96,000 in debt and curiosity.

Nonetheless, liquidators shared that this will likely not characterize the corporate’s full liabilities. With out the agency’s Assertion of Affairs, they’re unable to find out the full quantity owed or what number of collectors are affected. 

As of Feb 16, the corporate’s administrators have but to come back ahead to temporary the liquidators on the agency’s monetary affairs. 

The liquidators additionally famous that Tipsy Chook operated Tipsy Unicorn Seaside Membership at 36 Siloso Seaside Stroll. Following the winding-up order, the owner of the premises, Sentosa Growth Company (SDC), exercised its proper to repossess the property.

Responding to a Vulcan Submit media enquiry, SDC confirmed that the seaside membership ceased operations on Jan 30, including that they’re at present in discussions with potential operators.

“Visitors can proceed to sit up for a vibrant seaside scene on Sentosa, with new ideas and enhancements deliberate as a part of our ongoing vacation spot rejuvenation efforts,” stated a SDC spokesperson.

When the publication visited the venue on Feb 18, the outlet was shuttered, with a discover on the entrance stating it had stopped operations from Jan 30. Its Instagram web page was additionally marked as “quickly closed,” and checks by Vulcan Submit on Feb 20 confirmed that reservations have been not obtainable on its web site.

Closure follows years of authorized disputes

Company information present Tipsy Chook is wholly owned by native hospitality group Tipsy Collective, which stays an lively entity as of Feb 19. 

In line with a Fb publish by the group, Tipsy Unicorn opened at Sentosa on Sept 1, 2023, and had been working for about three years earlier than its closure. 

The closure and courtroom order come after years of authorized disputes because the passing of co-founder Derek Ong in Aug 2023.

Whereas the opposite co-founder, David Gan, remained concerned within the enterprise, issues over monetary mismanagement and an absence of transparency led shareholders to conflict with him, together with objections to the event of the Sentosa seaside membership.

The finances for this challenge reportedly doubled from S$3 million to S$6 million. Extra issues included money owed amounting to S$5.2 million owed to suppliers, contractors and collectors. Tipsy Collective additionally allegedly owed about S$1 million to SDC.

Following the dispute, Gan was dismissed on Nov 6, 2024. However hassle didn’t cease brewing.

In Nov 2024, it was reported that greater than 100 staff allegedly didn’t obtain their Oct 2024 salaries. They have been ultimately paid in Jan 2025 after shareholders injected recent funds. 

Additional checks by Vulcan Submit confirmed that Tipsy Collective’s web site is not obtainable, although their social media pages remained lively.

Vulcan Submit has reached out to Tipsy Collective for remark, however didn’t obtain a response on the time of publication.

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Featured Picture Credit score: Tipsy Unicorn