Wed, 13 Dec 2017 | ADMINISTRATION
An online music business platform has entered administration just over a year after the company secured funding from Creative England to prepare for its launch into the marketplace.
Beatroot Music, which is based in Manchester, announced earlier this week that it would cease trading only a year after landing a £125,000 funding package in November 2016.
The company was founded in 2015 and provided an online platform to help record labels, production companies and publishers prepare their music catalogues for distribution on the internet. It collected tracks, metadata and legal rights together in one place, allowing users to manage and share their tracks with clients and digital services such as Spotify.
Beatroot launched a beta version of its platform in 2014, and had previously signed a number of big name clients including PIAS, Warner Music, Domino, Sentric and Woodwork.
A recent downturn in business, however, and the loss of many clients meant that trading conditions became adverse for the music platform.
Steven Wiseglass from insolvency practice Inquesta has been appointed the sole liquidator of Beatroot after the company could not attract enough customers to make the business sustainable.
All five employees at the firm have been made redundant after attempts to sell the business were unsuccessful, and as its board of directors had since considered its financial position and “concluded it insolvent”.
As Beatroot’s official liquidator, Mr Wiseglass said he is still looking for a buyer of the firm’s assets, which include intellectual property comprising domain names, its website and bespoke software.
He said: “Beatroot’s technology holds great appeal in this digital age and discussions with several interested parties regarding a potential acquisition of the company’s assets are ongoing.”
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