Fabric Lifted Out of Administration

Words by: Tom Jones
Posted: 21/6/10 10:59

FabricLondon's clubbing scene has shown some much needed fight with the emerging industry reports that its much loved nightclub, Fabric has now come out of administration. It seems the Farringdon club has been saved by a new company that has very strong links to the previous owners assuming control of its assets.

At the start of the month, news followed the supposedly temporary closure of Greenwich club matter that Fabric was to be plunged into administration. Fabric 591 Ltd, the company that oversaw the running of Fabric and its associated record label and publishing company, had guaranteed loans invested in Fabric's sister club, matter, which due largely to transport problems revolving around weekend closures of the Jubilee line had failed to take off despite a multi-million investment. These liabilities posed a potentially fatal threat to Fabric, prompting administrators Pricewaterhouse Coopers to swoop in and place the central London club up for sale.

Although it was suggested that several companies had expressed an interest in buying the legendary venue within the first 24 hours of going on sale, London's clubbers feared the worst as infamous East London institution T Bar closed its doors permanently just a few days later.

Now however, the mood has changed to optimism with reports that a new company, named Fabric Life, which was incorporated last month and is run by a team that has very strong links with the previous owners, has rescued the club by transferring the majority of the key assets to their new company. Although we are set to see any official word on these reports, we can take heart from the fact that the statutory notice announcing the firm's administration that was originally posted in tiny text on Fabric's website has now been removed.

If reports are indeed true, then this is a significant victory for London's nightlife. Keeping Fabric in the same hands can only be a good thing for this city as it stood face to face with its most trying time yet. Fabric has been at the forefront of the UK's electronic music scene for over a decade now and to lose it as a result of circumstances that it played no part in would have been hard to bare. Saved from a commercially minded acquisition that could have seen the ex-underground meat storage space turned into an R&B or funky house club, London's clubbers can now begin to look forward to another ten years of the finest, underground club music within the red brick walls of Fabric.

www.fabriclondon.com | www.facebook.com/fabriclondon

 


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