Entrepreneurial hang-out Adam Street Private Members’ Club will remain open on its current premises.
The fate of Adam Street Private Members’ Club, informally known as the crucible of London entrepreneurship, would appear to have been secured after there were fears the club might have to close.
The Kernel has learned that David and Simon Reuben are the new owners of the property from which the club and its associated office space Adam House operates.
The Reuben brothers hold significant residential holdings and are understood to be sympathetic to the club, which is privately celebrating the avoidance of residential developers intent on gutting the desirable property and turning it into flats.
Though James Minter, the owner of Adam Street, had previously offered the full market value of the property to Halifax Bank of Scotland, the bank held out for a higher price.
The Reuben brothers are understood to have the intention of holding on to the property for the long term.
“They just want the club to make more money, which should be easy now it is out of receivership,” said a source close to the club.
We previously reported on the club’s uncertain future, which arose thanks to a complex web of cross-guarantees on the property. We also reported on efforts by London’s internet entrepreneurs to rally round the club.
It would appear that London’s favourite entrepreneurial venue is now safe. The Kernel understands that some 40 jobs were saved as a result.
James Minter declined to comment and the Reuben brothers could not be reached as we went to press.