As I speculated last week, fabric has gone into administration.
This is not something to panic about necessarily.
When a company goes into administration, the administrators that are appointed, assess whether it can remain as a going concern and be handed back to the original company directors, whether it can be sold on as a going concern, or finally whether all assets have to be sold, creditors paid off and the company liquidated (ie no more company).
I remain convinced from what I have seen that fabric can remain a going concern and become profitable once more. The losses in the last couple of years have been about 2% of turnover, hardly a problem.
However the problem is the guarantee for matter which is in too bad a state to rescue in my opinion. This means the current owners unless they have loads of money tucked away, cannot afford to run fabric and pay off the guarantee for matter.
A buyer needs to be found. Fabric can be profitable once more in good hands. And there is a certain sense of prestige in owning one of the world’s best nightclubs.
My worry would be whether it would continue to be a bastion of undergound music, or whether a buyer would look to cash in on it’s reputation and go totally for the tourist market, and send it more commercial.
Time will tell. I suggest everyone get down there whilst they can though, make sure it is a profitable business whilst in administration.