Fri, 25 Jun 2010 | BUSINESS SALE
London's Fabric nightclub has been rescued from administration by a newly formed company set up by one of its former investors.
PricewaterhouseCoopers, the club's administrators, sold the parent company, Fabric 591, to Fabric Life Limited for an undisclosed amount. The new company had been set up eight weeks prior to the purchase. Gary Kilbey is to become the main shareholder in Fabric.
Administrator David Chubb said of the deal: "We are delighted to announce the sale of the company. This ensures that Fabric, an iconic London club, will stay open and continue to entertain."
"Through the sale of the business, the jobs of over 100 people will be saved. We kept the club open during the administration and this would not have been possible without loyal employees, clientele and suppliers. We would like to thank them for their support over this period."
The popular London nightclub was put into administration at the beginning of June after losing money due to its sister club Matter suffering from substantial debts. Matter is now to undergo liquidation.
Edward Symmons acted as advisors on the sale.
The new owners of the business fully support the founders Keith Reilly and Cameron Leslie's aims for the club and said, "nothing within the scope of the fabric ethos or team shall change."
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