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05 Dec 2008
Only days after Entertainment UK went into administration music distributor Pinnacle Entertainment has followed it over the edge as the British economy claimed another victim. BDO Stoy Hayward has been appointed administrator of the company.
Pinnacle was one of the biggest independent distributors in the UK, holding a 4.3% share of the UK music market by the end of 2007, according to the British Phonographic Industry.
The company distributed DVDs, software, and releases from more than 400 record labels, including work by artists such as the Strokes, Tom Waits, Black Sabbath, Morrissey and the Libertines. Amazon and HMV are among the retailers who relied on their services.
In a statement, BDO's Matthew Tait, blamed the bankruptcy on the 'sudden and steep' downturn in the economy.
Further reading:
Breaking news: Deloitte appointed administrator to Woolworths
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