The London nightclub has been acquired by Fabric Life Limited.
The news comes after a month of uncertainty surrounding the world famous venue's future. Trouble began when matter, fabric's sister club, announced it would be closed for the summer due to financial troubles. fabric had guaranteed a ₤3.2 million loan taken out by matter, and went into administration following the club's closure. Rumors of fabric's demise abounded online, beginning with a Tweet from Buzzin Fly labelhead Ben Watt. Meanwhile, management at fabric maintained that all was "business as usual," only admitting to financial troubles when the club appeared for sale on Property Week.
Word of the club's recovery began last Thursday when DJ Sasha posted the following message on Twitter: "Bloody good news! Fabric has announced it is officially out of administration..."
The instability at the club comes at an especially turbulent time in London's dance music scene: in addition to matter, Plastic People has closed temporarily, and T-Bar recently announced its permanent closure.
fabric's statement in full: "The fabric family is delighted to announce that fabric is no longer in administration. fabric has been bought by a consortium who fully back founders Keith Reilly and Cameron Leslie's vision; nothing within the scope of the fabric ethos or team shall change. The consortium has formed a new company called Fabric Life Limited. After 10 and a half brilliant years, we look forward to many more."
UPDATE: Despite claims that the club is set to reopen at the end of the summer, an article in The Independent reports that matter is set to go into liquidation.