RSM Tenon’s Colin Wilson and Tim Dolder have been appointed as administrators and property and asset management firm Edward Symmons has been tasked with finding a company to purchase the venue.
"Having recently secured a buyer for another Central London nightclub in administration – Fabric – we are confident that the future of Sound may yet be safeguarded" said Edward Symmons partner in the hospitality and leisure division Colin White.
"We can confirm that the club will remain open whilst a buyer is sought and that there have already been a number of enquiries from a variety of established operators. Interest in key venues in Central London locations remains strong and, with Sound’s substantial and loyal customer base we hope to secure a suitable purchaser promptly."
Sound Too, the company that owns the venue, owed creditors £1.2m according to its abbreviated accounts from September last year. It was also owed £976,825 by debtors.
A spokesperson for Sound said the situation escalated when the landlord of the space changed rent payments to be paid monthly rather than quarterly.
Sound is frequently used for events due to its central London location and will continue to trade while a new owner is found.
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