London 24-hour club FOLD has lost its license in the wake of a recently launched fraud investigation into the venue.

The decision was made by Newham Council at a hearing this week, but the club has appealed the move and will be allowed to continue to operate while that appeal is ongoing.

"All the support we have received throughout this difficult period, not only from our community but from the diverse members of the creative world, will not go in vain whilst we continue to fight our corner," said a statement released by the club. "We are confident that our appeal will be successful and continue to defend ourselves."

"We are standing strong in the face of the continued adversity and are confident that the police and licensing will conclude that we have not acted with any impropriety."

FOLD initially had its license suspended last month when two people who are believed to be "actively involved in the running and operation of the premises" were arrested in connection to charges of fraud and conspiracy to commit money laundering. One of those was named as Lasha Zhorzholiani, who is sole director of Artsintheeast Ltd, which is the license holding company for FOLD.

The club was given the all-clear by Newham Council to continue operating later that week while the investigation continued.

FOLD originally opened in August 2018.