LEONARD Curtis directors Andrew Duncan and Neil Bennett have been appointed joint administrators to cloud music platform provider Omnifone Ltd and its subsidiary Omnifone Group Ltd.
The London-based B2B digital music firm will continue to trade as usual while the hunt for a buyer for the company’s technology assets gets underway.
Some 120 staff were employed by the company with 50 retained to continue business operations during that process.
Founded in 2003, Omnifone powers global digital music services in 35 countries and has a licensed catalogue of 35 million tracks. Its customers include the world’s largest music providers, including Spotify, Neil Young’s PonoMusic, Guvera, Rara and Sony.
Andrew Duncan, said: “Administration was the most viable option as it allows Omnifone to continue to trade as usual whilst we market the technology assets for sale.
“There is a great deal of interest in Omnifone’s technology assets and their future potential and we are currently in discussions with household names within the music industry.”
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