Pinnacle follows Entertainment UK over the precipice
Pinnacle follows Entertainment UK over the precipice as Britain's economic turmoil claims another victim
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
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.