Thu, 03 Jun 2010 | ADMINISTRATION
The popular superclub Fabric has entered administration after experiencing a financial drain due to the short-term closure of its sister club Matter. Fabric was guarantor of a £3.2 million loan taken out by Matter.
The venue is to remain open for business while the administrators, David Chubb and Colin Haig of PricewaterhouseCoopers, set about securing a new owner. The only noticeable effect of the situation is that Fabric is not currently accepting credit card payments.
Property consultants Edward Symmons is in charge of the club's sale. Colin White, a partner at the firm commented: "Just 24 hours after being appointed, we have already received enquiries from potential purchasers."
"We anticipate continued interest in the sale of Fabric, particularly from other major club operators in London, and we are confident that a purchase will be secured for the business as a going concern."
Fabric, based in Farringdon, London, has a 24-hour license and capacity for over 1,500 customers. It is also known to host nights at the O2 arena.
The club previously went into administration in 2003, the move seemed to have no impact on the club's weekend business however, and the management bought the club back after a time, when they were able to.
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