Wed, 15 Jan 2014 | ADMINISTRATION
Guitar supplier, Tone World Ltd, has entered administration and is being put up for sale by its administrators.
John Kelly and Nigel Price of Begbies Traynor have been appointed administrators after the company faltered on 8 January. The joint administrators are continuing to trade the business while looking for a suitable buyer.
Kelly told the Manchester Evening News: “We’re still in the stages of making initial assessments and have begun marketing the business in the hope that a suitable buyer can be found.”
He added that an ongoing legal dispute had contributed to the company's failure.
Tone World is based in the centre of Manchester and sells a selection of hand-picked guitars, amplifiers and effects. According to the business' website, the store has worked with bands and artists including Ben Howard, Elbow, Bullet For My Valentine and The Script.
Two members of staff have been made redundant as a result of the administration. It remains to be seen what will happen to the rest of the business, but Tone World's future will depend on whether or not a buyer can be found for the company in a suitable time scale.
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Related information:
Contact the administrators to register your interest
Finding distressed business opportunities at the right time
View the latest businesses in administration
Image of Tone World showroom.
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