Tue, 20 Dec 2016 | ADMINISTRATION
Administrators appointed to collapsed rock music media firm Team Rock, which counted the magazines Classic Rock and Metal Hammer among its publishing stable, are seeking a buyer for the business.
More than 70 people have been laid-off at the south Lanarkshire-based company, which has now ceased trading after getting into financial difficulty.
Assets of the collapsed firm include music magazines Classic Rock, Metal Hammer and Prog, brands the Classic Rock Awards and the Golden Gods Awards, the website www.teamrock.com and Team Rock internet radio.
Administrators FRP Advisory said Team Rock, which generated annual turnover of £6 million, presented an “excellent opportunity” to acquire a suite of established rock music magazines and brands.
FRP’s Tom MacLennan said: "The company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option.
"The administration presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following.
"The brands and assets could appeal to a music publishing business looking to expand its portfolio, or an entrepreneur that sees the potential for developing the brands."
27 staff in High Blantyre and 46 in London have been made redundant. A further seven will be kept on “in the short-term” to support the administrators.
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