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Fabric sold to Fabric?
By CMU Editorial | Published on Friday 18 June 2010
According to reports, Fabric has come out of administration, with most of the company’s assets sold to a new company which has ownership and management in common with the old Fabric enterprise.
As previously reported, the popular London club and its spin off label and music publishing company went into administration at the end of last month following the closure of its sister club at the O2 Dome, Matter. It seems newer club Matter had failed to take off despite a multi-million investment in it and a generally good reception from clubbers and DJs regarding the state-of-the-art venue.
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.
Assuming Fabric has been saved and will be able to run pretty much as before, there will be a lot of happy clubbers in the capital; Fabric being widely regarded as one of the city’s best night time venues.
