According to reports emerging over the past three days, closure-threatened London nightclub Fabric has come out of administration, the majority of the club’s assets having been sold to a new company owned and managed by the very same people who have operated Fabric to date [via CMU Daily].
The club – and its record label and publishing company of the same name – went into administration at the end of May following the closure of its sister club, Matter. CMU today reports the following developments:
“The Fabric company – Fabric 591 – had guaranteed loans invested in Matter, and it seemed like those liabilities could take all the Fabric empire down. Administrators were called in at the start of the month and it seems they might be able to rescue the central London club by transferring key assets to a new company called Fabric Life, which was incorporated last month.
“We await an official statement on the matter, though the statutory notice announcing the firm’s administration originally posted, albeit in tiny print, on the club’s website, has been removed.”