Cafe and live music venue The Troubadour located in Earl's Court, West London has been saved from impending closure by an existing shareholder, according to The Evening Standard.
The news bucks the trend for the live music venue climate, with figures released recently showing that nearly half of the UK's nightclubs have closed over the last ten years. Even legendary music venue Earl's Court itself is due to be demolished to make way for a 'high-end' residential area after seeing its last live events last year.
Existing shareholder Giles McNamee has pledged investment in the venue's future after it entered administration last month. Previous owner Susie Thornhill will continue to run the venue with her husband Simon, and there are no anticipated job losses.
McNamee said that he is 'strongly committed' to the venue's future: “Nothing makes me happier than deepening my existing, long-term commitment to The Troubadour. Simon and Susie have done a wonderful job under exceptionally challenging circumstances at keeping The Troubadour open, authentic, and full of the spirit in which it was founded over 60 years ago. As anyone who has crossed the threshold of The Troubadour knows, the venue is rich in energy and inspiration and I’m thrilled to play a larger role now in its continuation and future health.”
The venue opened in 1954 and has since seen artists including Bob Dylan, Jimi Hendrix, Adele and The Rolling Stones' Ronnie Wood perform. It had suffered from financial difficulties since a noise abatement notice was issued in 2012, forcing the closure of its garden after 9pm, leading to revenue losses.