Team Rock, the publisher of rock titles Metal Hammer and classic rock, is in administration with FRP Advisory partners.
Joint administrators Tom MacLennan, Iain Fraser and Jason Baker, partners at FRP Advisory, are seeking buyers for the famous rock music titles, brands and assets.
Team Rock’s range of music magazine titles includes Classic Rock, Metal Hammer, Prog, (three owned since 2013), the Golden Gods Awards and the Classic Rock Awards.
Team Rock had been trading at a loss for some time, cost-cutting measures had been unsuccessfully implemented despite the directors seeking additional investment, this led to the stop of trading.
Tom MacLennan, partner at FRP Advisory, said: “The company explored every option to secure the long-term future of the business. The administration presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following. Our priority is to work closely with all agencies and services to ensure employees receive every support and assistance at this very difficult time.”
The business had annual turnover of £6m and was based in Glasgow, had 80 staff, with 49 based in London. There have been 73 staff made redundant (46 in London and 27 in Glasgow) but a handful have remained to assist the administrators.
The company had built a global subscriber base, internet radio, and website profile exceeding 3m hits per month. It also owned an extensive archive of high quality video, radio, images, and magazines.