Fabric allegedly in administration – are Night Clubs in decline?
Written by Maximus Aurelius
June 2, 2010 4:21 pm
After the loss of Turnmills, seOne, Matter and the recent threat to Ministry of Sound, you’d be forgiven for thinking the clubbing scene in London could not get any worse. But currently doing the rounds is the story that Fabric, arguably the most iconic clubbing brand in the world only after MOS, has gone into administration.
Whilst the administrators Edwards Symmons are confident of finding a buyer, this is surely news that will only further unsettle London revellers, who now face the possibility of MoS being the only big floor dance club. The administrators said, “Just 24 hours after being appointed, we have already received a number of enquiries from potential purchasers… We anticipate continued interest in the sale of Fabric, particularly from other major club operators in London and the south east, and we are confident that a purchase will be secured for the business as a going concern.”
Fabrics sister club, Matter, has closed for the Summer after struggling to make ends meet. And with Fabric being the guarantor to £3.2m of Matters money, it remains to be seen how much longer the club can continue to operate on a financially viable basis. So the question remains, what for the future of Londons clubbing scene? Unofficial rave events seem to be on the rise, and with many offering the same variety of acts and performances as the big clubs, but at a fraction of the cost, it is going to be difficult for these iconic brands to adapt to the current financial situation.
Due to the current economic climate, people are spending less money than ever on going out, and are spending more time entertaining themselves indoors. Computer and TV use has increased and clubs, cinemas and other town-centre based entertainments such as bowling alleys have seen a decline in usage, however the catch-22 situation is that when there are fewer people – prices go up.
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