- The club says it's discussing how to manage the money, which will go towards "worthy causes" in the industry.
London's fabric nightclub has nearly £110,000 in unspent cash from its #saveourculture fundraising campaign.
It had previously been confirmed that the club, which recently reached an agreement with local authorities to reopen, was going to put extra money from the campaign towards "worthy causes" in the dance music industry, including efforts to reform the Licensing Act 2003. The campaign closed on November 23rd with a final figure of £333,618, leaving £109,594 in the bank.
Gary Kilbey, fabric's managing director, said in today's transparency statement: "Our final financial statement shows a substantial overage of over £100,000 that we are currently discussing how to manage. This is in a segregated account and will be available to fund not only our ongoing attempt to reform licensing guidance, led by Philip Kolvin QC, but also to assist other industry associated causes. We're looking at several ideas including charitable status or a Trust to ensure proper financial governance of this large amount which is currently in a segregated account and all details of it will be reported monthly."
The club's reopening weekend begins on January 6th, 2017, with a "Friends & Family" party.