Published
Wed, Jun 2, 2010, 14:25
- The celebrated venue went into administration this week.
Following last week's rumors of the club's demise, it has now been confirmed that fabric has gone into administration.
According to an article published earlier today in Property Week, property consultants Edward Symmons are currently in the process of looking for buyers. A partner in the company said: "Just 24 hours after being appointed, we have already received a number of enquiries from potential purchasers... We anticipate continued interest in the sale of Fabric, particularly from other major club operators in London and the south east, and we are confident that a purchase will be secured for the business as a going concern."
The news comes less than a week after management at the London venue claimed that all was "business as usual," despite the temporary closure of its sister club, matter. fabric was guarantor of a £3.2 million loan taken out by matter, and admitted that it is experiencing financial troubles as a result of matter's closure.
At this point it remains unclear how fabric's going into administration could affect its programming. The club previously went into administration in 2003, but the incident had no discernible impact on its weekend goings on, and management were eventually able to buy the club back. RA is still waiting for an official comment from fabric on the current situation, and will provide an update if and when we receive it.
Update: fabric released the following official statement today: "Despite the administration appointment over Fabric 591 Limited, the nightclub, records and publishing continue business as usual. The nightclub enjoyed a fantastic bank holiday weekend with 3 successful events. For more information about fabric’s future events, please refer to www.fabriclondon.com."