Formed in Sydney, Australia, in 1989, Club Hoy was a folk duo, comprising of Penny Flanagan and Julia Richardson. Flanagan and Richardson began performing together at the age of 19, and after a year of writing and performing, released their first single, "On and On," in 1990. Late that year, additional musicians Bernie Hayes (bass) and Vincent Sheehan (drums) joined the band.
In early 1991, their second single, the double A-side "Da Da Da Da/Green and Blue" was released. For this single, Club Hoy enlisted the help of former Go-Between Grant McLennan, who performed on and produced a couple of tracks with Club Hoy; they later returned the favor on one of McLennan's albums. By this time, there was a significant amount of critical acclaim for the band and they were developing a dedicated fan base, although commercial success was proving elusive.
The first taste of their debut album, Thursday's Fortune, was in the form of a single from that album ("House on Fire"). It generated a great deal of interest in the upcoming release, which finally saw the light of day two months after the release of "House on Fire," in September 1991. Greeted with critical praise, Thursday's Fortune saw Club Hoy receive minor commercial success. This was thanks in no small part to extensive touring with the likes of Things of Stone and Wood, Margaret Urlich, the Falling Joys, the Clouds, and the Hummingbirds. One of the strengths of Club Hoy's music lay in their well-crafted songwriting, which produced some of the best folk-pop music of the early-'90s. Richardson and Flanagan's vocal harmonies were another highlight.
Two more singles were released from Thursday's Fortune ("Walk Away" and "Not Like That") in 1992. These were followed by their final recording, the Trumpets EP, which was promoted with the track "You Promised, You Said." This choice as lead single from the EP caused tensions within the group to be exacerbated, and, in 1993, Club Hoy disbanded. Penny Flanagan went on to pursue a successful solo career, while Julia Richardson and Bernie Hayes formed a new group, the Troublemakers.