[TypicalGirls] Rough Trade for sale?

mike at appelstein.com mike at appelstein.com
Thu Nov 30 09:19:56 EST 2006


I think we at Typical Girls should start a collection to purchase  
Rough Trade's assets.  Then we could run it as a collective, just like  
the old days (albeit a virtual collective) and do the job right!

darin' to dream,
mike

Quoting WWWhatsup <joly at dti.net>:

>
>
> http://money.guardian.co.uk/businessnews/article/0,,1955329,00.html
>
> Sanctuary shares plummet
>
> Fiona Walsh, business editor
> Thursday November 23, 2006
>
> Shares in Sanctuary crashed more than 25% this afternoon - from
> 9.75p to 7.25p - as the troubled music group warned of losses at
> Rough Trade Records and said it may need to take extra
> provisions of between £15m and £18m this year.
>
> But chief executive Frank Presland also said Sanctuary has
> received a number of approaches for parts of its business and,
> once its latest results have been reported, "expects to be in a
> position to consider these strategic proposals".
>
>
> Sanctuary had hoped the business would break even in the year
> ended September 2006.
>
> But Mr Presland said today the business is now expected to make
> pre-tax losses of £2.8m for the year.
>
> Although Sanctuary owns only a 49% stake in Rough Trade, it will
> take all of the loss in its resuts.
>
> In addition, Mr Presland said "a number of issues" have come to
> its attention in the recorded product division and could lead to
> further provisions of between £15m and £18m.
>
> Mr Presland said it was "disappointing that Sanctuary's recovery
> is obscured by further historic accounting issues".
>
> But, he added: "The identification of those issues serves to
> emphasise the determination of the new management team to
> improve the financial reporting of the group.
>
> "Considerable progress has been made in dealing with the
> outstanding legacy issues.
>
> "We are seeing the first signs of success from our efforts to
> put the business on a proper footing and I am confident that we
> will continue to make progress in the current financial year."
>
> Earlier this month Sanctuary was hit by the departure of its co-
> founder, Rod Smallwood, who left to run his own business and
> took one of the label's prime act, Iron Maiden, with him.
>
> Co-founder Andy Taylor was forced out in March after accounting
> errors were discovered at the group, whose artists include Elton
> John and James Blunt.
>
> =================================================
> http://business.guardian.co.uk/viewpoint/story/0,,1955952,00.html
>
> Sanctuary is more crock than rock
>
> Julia Finch
> Friday November 24, 2006
>
> Sanctuary's new bosses - former British Airways chief Robert
> Ayling and Frank Presland, the former chief executive of Sir
> Elton John's management company, have also uncovered "a number
> of issues" that will result in provisions of up to £18m. This
> relates to advances given to artists in the belief that they
> would be returned as income. That future income was then booked
> as an asset, which it now appears is worthless as the company is
> writing off 100% of the advances made.
>
> This is the latest in a back catalogue of bad financial news
> stretching back two years that centred on huge debts, mounting
> losses and a cash crisis. It axed staff, was forced into a
> rescue rights issue and share restructuring and parted company
> with its founder and chairman, the cigar-chomping Andy Taylor,
> when accounting issues emerged.
>
> Yesterday's latest double whammy left the shares rocking and
> rolling at just 6.75p, down 3p on the day. The scale of their
> collapse is on a par with the demise of Sanctuary band The
> Strokes. Adjusted for the rights issue, Sanctuary's shares were
> trading at some £35 each five years ago. As recently as May 2005
> they stood at £17
>
> ==============================================
>
> http://business.timesonline.co.uk/article/0,,9071-2467862,00.html
>
> Sanctuary has flagged that it is mulling the sale of
> underperforming businesses. Its 49 per cent stake in Rough Trade
> appears certain to be sold off and further asset sales could
> lead to a full break-up of the embattled group.
>
> However, the fiercely independent artist manager, music label
> and publisher has already rejected advances from rival Mama just
> last month.
>
>
>
> ---------------------------------------------------------------
>              WWWhatsup NYC
> http://pinstand.com - http://punkcast.com
> ---------------------------------------------------------------
>
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