The Canning Street venue is currently under investigation for fraud by the National Crime agency.
The decision, which was delivered Wednesday evening at Newham Town Hall, will be appealed by the East London club. "While this is hugely frustrating, we can and will stay open while we appeal this decision," the team posted on Facebook. "So this weekend and for the foreseeable future, it will be business as usual."
FOLD is currently under investigation for fraud by the National Crime agency. Last month, the club was forced to shut after its license was suddenly suspended. A couple days later, the suspension was lifted by Newham Council.
The investigation concerns two people associated with the venue, Lasha Zhorzholiani, who holds the license for FOLD's Gillian House address, and an unnamed person. Both were arrested and later released without charge. According to police documents, the case alleges that "fraudulent funds" were involved in the purchase of "approximately £200,000 worth" of "high-value DJ equipment."
FOLD will open as usual this weekend, hosting the first London edition of Resident Advisor's twenty four/seven series. Other upcoming events include Innervisions London, Trust NYD and Cartulis Day.
Read FOLD's latest Facebook post in full.
Resident Advisor has reached out to FOLD for comment, and we will update this story if we hear back.
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