Universal swoops to end Sanctuary woes
Universal makes £44.5m bid for troubled music company Sanctuary Group
Sanctuary Group, the music company brough to its knees by a series of
financially crippling accounting issues, has received a £44.5m bid from global
music giant Universal Music.
Sanctuary still has an excellent stable of artists, such as Morrissey and
James Blunt on its books, but has warned that continuing problems with its
capital structure could hamper future profitability.
For the six months to 31 March 2007 Sanctuary recorded a loss after taxation
of £6.6m, an improvement on the previous comparable period loss of £26.7m.
Revenues, however, were down from £65.9m to £63.7m. Net debt was up from £38.3m