Fabric sold out of administration

The administrators to Fabric have sold the iconic London nightclub to a new company recently set up by one of its former investors, in a deal that secures 100 jobs.

Gary Kilbey will become the primary shareholder in Fabric, the 1,500 people-capacity club in the capital's Farringdon area that fell into administration earlier this month.

David Chubb, the partner at PricewaterhouseCoopers and joint administrator of Fabric 591, said: "Through the sale of the business, the jobs of over 100 people will be saved." However, Matter, the former subsidiary of Fabric that was housed in London's O2 arena, is to go into liquidation.