Another London club in administration - PSNEurope

Another London club in administration

Colin White, pictured, from Edward Symmons - which has been instructed to find a purchaser for the club - said there was confidence that "the future of Sound [London] may yet be safeguarded".
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A buyer is being sought for Leicester Square venue Sound London, although a purchaser was recently found for another of the capital's clubbing institutions, Fabric. Located at 1, Leicester Square, Sound London is a leasehold club occupying three floors and offering a total capacity of approximately 1,000 people.

The club's licence allows trade seven days a week until 3am, and the premises is held on a 25 year lease from 2006.

Following the appointment of joint administrators Colin Wilson and Tim Dolder of RSM Tenon, Edward Symmons LLP has been instructed to find a purchaser for the club.

Colin White (pictured), partner in the hospitality and leisure division at Edward Symmons LLP, commented: "Having recently secured a buyer for another Central London nightclub in administration - Fabric - we are confident that the future of Sound may yet be safeguarded. We can confirm that the club will remain open whilst a buyer is sought and that there have already been a number of enquiries from a variety of established operators. Interest in key venues in Central London locations remains strong, and with Sound's substantial and loyal customer base we hope to secure a suitable purchaser promptly."

The late June announcement of Fabric's rescue by a company called Fabric Life for an undisclosed sum was made by PricewaterhouseCoopers. David Chubb, partner at PwC and joint administrator of Fabric 591, said that the sale "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. We would like to thank them for their support over this period."

Revealing little specific information about the nature of the new ownership, the club's own statement read: "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 ten and a half brilliant years, we look forward to many more."

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