New Malden Sports Club
Somerset Close • New Malden • KT3 5RG
Tel: 020 8942 0539
Dear Member
At this years AGM, we were pleased to confirm to those present (and the same message was broadcast to all members just a short while after the AGM) that Concept Developments had exercised the option agreement and had therefore transferred the substantial deposit required by the agreement to our solicitors.
We also reported that the balance of monies due were required to be deposited into our bank by September 1st of this year.
We now have to advise you that the deadline was not met. Our solicitors duly served notice on Concept Developements to complete within 10 days. During this period we learned that their banking process had been delayed and we were asked by Concepts to extend the deadline until October 20th.
After considerable investigation and negotiation Concept offered to pay an additional non-refundable deposit into our account for the privilege of extending the completion date. Concepts will also pay our solicitors legal fees for this additional activity.
Whilst this situation is far from ideal, we considered it was in the clubs best interest to accept this offer. On that basis, we can confirm that we have agreed an extension to October 15th (not 20th).
Concepts have now confirmed that their funding is now fully available and we can confirm that the additional deposit has already been transferred to our bank account
The Management Council.
18/09/2025
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