BusinessCompany NewsSanctuary bankers turn to Ernst & Young

Sanctuary bankers turn to Ernst & Young

HBOS, bankers for troubled music group Sanctuary, called in Ernst & Young to conduct a viability study of the company’s prospects

Ernst & Young have been called by HBOS, the bankers of beleaguered music
company Sanctuary, to conduct a viability study into the group’s future
prospects.

As reported in Accountancy Age, Sanctuary was facing a serious loss
of capital back in October because of aggressive accounting practices.

HBOS feared for the future of Sanctuary, which represents Morrissey and Sir
Elton John among others, but has since thrown its backing behind a restructuring
recovery plan, The Sunday Times reports.

The company has brought in corporate finance boutique Evolution to lead £130m
fundraising that is aimed at saving the group, but likely to wipe out current
shareholders, which include Endemol founder John de Mol who has a 19.5%
shareholding.

The rescue plan will see long-serving Sanctuary finance director Michael
Miller step aside, chief executive and co-founder Andy Taylor is expected to be
replaced by a new chairman and headhunters are also seeking two new
non-executives.

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