HOME OWNERS GO INTO RECEIVERSHIP

Things look very bleak for the organisation's future following the recent revocation of the London club's licence...

The company who own the HOME franchise have gone into receivership.

According to the Ministry Of Sound website [url=]www.ministryofsound.com the company, Big Beat, announced the news earlier today (April 11).

A press statement has been issued, saying the “recent revocation of the public entertainment license for the company’s London club, Home” was a contributing factor, adding: “This severely curtailed the trading position of the venue which, given the investment at this location, resulted in cashflow difficulties across the group.”

Following the closure of Home last month, the superclub’s founder Ron McCulloch warned it was “undoubtedly a catastrophic setback for the organisation”.

A press spokesperson at Home in London confirmed the news to NME.COM this afternoon, but was unable to comment further, with regard to the future of their other clubs and bars, as well as the Homelands festivals.

The company, based in Scotland, own a number of clubs across the world, including Media in Nottingham, and a Home nightclub in Sydney. It is expected the bars and clubs will remain open until a buyer is found, and this year’s Homelands will go ahead as planned.