This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Live Business Top Stories
Fabric future still uncertain, but business as usual this weekend
By CMU Editorial | Published on Friday 28 May 2010
Following all those rumours regarding the future of Fabric, the official line from the London club yesterday was “it’s business as usual” – that is to say, this weekend’s line up of nights will go ahead as planned.
As previously reported, following the news last week that sister club Matter will shut it doors for at least the summer months, and reports of numerous redundancies within the Fabric HQ earlier this week, there was much speculation on Wednesday that problems at the Dome-based club could bring down its longer established sister venue too.
According to a report in the London Evening Standard last week, the Fabric company guaranteed a £3.2 million loan taken out by the Matter company, something that could force the main Fabric entity into administration if Matter goes out of business. The clubbing company has yet to respond to all the various rumours, but has told Resident Advisor that whatever happens, Fabric will be open for business tonight.
Some have pointed out that Fabric went into administration in 2003 after they inherited a legal dispute related to their building, but that that didn’t really affect the operations of the venue and the company came out of the ordeal stronger. Whether that will happen this time round, given the scale of Matter’s debts, remains to be seen.
