Fabric lives on after firm is bought by private investors

Marion Dakers
FABRIC nightclub will stay open after it was bought by private investors yesterday.

The club’s Administrators PricewaterhouseCoopers (PwC) said Fabric 591, the company that owns the landmark venue, had been sold for an undisclosed sum to Fabric Life Limited, a company formed eight weeks ago by a group of supporters.

It went into administration last month after sister club Matter closed with massive debts.

PwC joint administrator David Chubb said: “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.”
Fabric said in a statement it had been bought “by a consortium which fully back founders Keith Reilly and Cameron Leslie’s vision. After 10 and a half brilliant years, we look forward to many more.”

Property consultants Edward Symmons advised during the sale.