Multiple debates emerged after Fabric reached an agreement with local authorities to reopen. While it’s a victory for the club, it may not be a positive move for the industry as Licensing Act 2003 continues unamended. The club says it’s currently discussing how to manage the money, which may go towards “worthy causes” in the industry.
The Islington club currently has nearly £110,000 of unspent cash from its #saveourculture fundraising campaign. 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, reported in today’s transparency statement that “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…all details of it will be reported monthly.”
The club’s reopening weekend begins January 6th, 2017 with a “Friends & Family” party.