Yuval Hen, owner & founder of the dance music club in Wapping, said: “For several years, we have been working tirelessly behind the scenes in collaboration with Tower Hamlets and Big Yellow Storage to ensure and safeguard the future of E1.
“We are now happy to confirm that the development plans include a brand new bespoke purpose-built venue, taking into account sound mitigation, that will become our new home once the initial development is complete, with construction not due to begin for approximately five years.
“We are also glad to confirm that throughout planning, development, and construction, E1 in its current form will remain open as it is now - committed to on point curation, cutting edge sound, awe-inspiring visuals, and above all a safe and welcoming space for all.”
The Night Time Industries Association (NTIA) chief executive Michael Kill said it was “fantastic news” to hear that the future of E1 was safe, as it was “such an important venue” for the capital.
He said it was important to recognise the roles of Tower Hamlets and Yellow Storage and the team at E1 for brokering the unique arrangement.
Kill added: “It’s vital that this agreement is taken forward as an example of true partnership working across the UK.
“This has the hallmark of a strategy for culture and residents across major cities to coexist and thrive, as we have seen in major European cities for many years.”
E1 is a large, industrial-style venue that hosts electronic dance parties.
Recent research has revealed the nightclub industry has suffered a loss of almost 400 venues between June 2020 and June 2023.
The figures, from the NTIA showed the late-night sector had seen a drop of more than 10% in the past 12 months alone.
The independent segment of the market had been hit the hardest with a 35% decline since June three years ago and more than 100 independent nightclubs had been forced to shut permanently in the past year.