I only have some hearsay anecdotes from that time and one little tit-bit of an anecdote: I was just a kid of 14 years-old at the time working part-time in the Jewellery Quarter.
The club (I think) was financed by a well liked Greek Cypriot fella and his friends with no 'gangster' links by all accounts, though the club did have its fair share of ne'er-do-well guests.
The ribbon to the club was cut by singer/entertainer, Frankie Vaughn: he was also the main act for that night (or week). For his opening night troubles, Frankie Vaughn was presented with a solid silver penguin statuette created and cast in Birmingham's Jewellery Quarter. The designer/creator of said statuette was a young female student at the Birmingham School of Jewellery. The name of the actual silversmith and the student designer/creator is lost to me though not before I held the statuette in my hand: it was nothing special to speak of.
The club was open less than a year, I recall from memory, before a (magical) fire engulfed the loss making business and the premises.