Reports in the media last week said the club, at the rear of High Street, was set to be wound up in the face of £100,000 debts.

However speaking to the Mail this week, club president Terry Kennedy said the figure was only £50,000.
And he said committee members are due to meet with financial advisors on Monday to discuss ways of keeping the historic
club open.

Mr Kennedy said: "There are quite a few options at the moment but it's taking time to go through them.
"We're in negotiations which will hopefully allow us to carry on.
"There are a lot of rumours going around but I don't think it will shut. Once we have had the meeting on Monday the options will be presented to members. The club remains open in the meantime."

Formed in 1921, the club had more than 1,000 members in its heyday, but numbers have dwindled to about 300 in recent years.

It moved to the rear of its High Street building four years ago after selling the front of the building – now home to Zizzi restaurant – to pay off debts.

The club hosts regular live entertainment slots and pool, darts and skittles matches.

Mr Kennedy said factors such as the smoking ban, the credit crunch and the club's loss of its prominent High Street frontage had all contributed to the club's reversal of fortunes in recent years.

He added: "January and February is always a quiet time. Members aren't using the club, but then, people have only got so much money to spend. A lot of clubs are in the same situation.

"The smoking ban is really crippling us. People will go to the supermarket and drink at home."

Members were told of the financial situation at the club's annual general meeting two weeks ago.