The end of an era – VOLAR club has formally closed down

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10th March 2021 – (Hong Kong) Affected by the COVID-19 epidemic and anti-extradition protests, VOLAR dance club located at Ho Lee Commercial Building, Basement, 38-44 D’Aguilar Street, Central has officially closed down. Workers were seen removing the fittings from the club recently and loaded them into trucks.

Opened in 2005, this entertainment hub had never stopped being the late-night drinking hole for social animals in Hong Kong. Boosting the largest dance floor spaces in Hong Kong, Volar has kept party-goers returning every weekend for electronic beats spun by its in-house DJs and occasional international acts. It is unsure if Volar owes any outstanding rent arrears to its landlord. The club has stayed almost closed since the beginning of COVID-19 pandemic in 2020.

Volar reposted our news on its Instagram story.

BCI Group Holdings Ltd, the company that owned and operated Volar has two other businesses that closed down earlier. Another bar ‘FLY’ located on Ground floor of 24-30 Ice House Street, Central also succumbed to closure after suffering a drop in business and the group reopened with a new bar called Mudita. Its restaurant, Tiger Room located on Gough Street serving Yakitori and Robatayaki dishes has also closed down.

As of November 2020, the company’s net operating cash flow has dropped to more than negative HK$15 million and its earning per share has dropped to -0.04. Despite the poor financial performance, the stock price closed at HK$0.395 after spiking for over 100% in February.

It is rumoured that the group will open a new rooftop bar at 25/F, California Tower, 30-36 D’Aguilar Street, Central, Hong Kong, the previous location of CÉ LA VI Bar. CÉ LA VI previously occupied over three floors in the tower.

BCI Group Holdings Ltd (8412) closed at 0.395 today.
Source: WSJ Markets
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