Fabric has confirmed they have called in administrators Kroll Buchler Phillips to examine its books because of a number of financial concerns which seem to relate to a pending legal judgment concerning the conversion of Fabric's building from a meat house to a club. But insiders reckon there is not too much to worry about - Fabric made a pre tax profit of £671,000 on a turnover of £6.2 million in 2001 so even if there are debts in this financial year creditors are likely to be willing to wait in order to reclaim debts next year. Keith Reilly, a major shareholder and director, told the Evening Standard: "We are open for business this weekend, we will be open next weekend and every weekend after that. People come here to dance, they don't want to know about anything else."
Apr 4, 2003
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1 min read
Fabric call in administrators, but 'nothing to worry about'
Fabric has called in administrators Kroll Buchler Phillips over financial concerns linked to a legal judgment, though director Keith Reilly says the club remains open and insists there is nothing to worry about.