Headline News

73 Lose Jobs As Team Rock / Metal Hammer's Future Uncertain

DailyRecord.co.uk is reporting that 73 people are now out of jobs as Team Rock - the parent company to Metal Hammer, Classic Rock, and Prog magazines - has been taken over by administrators attempting to stave off bankruptcy. An excerpt from the report follows:

Publisher Team Rock Ltd has gone into administration with the loss of 73 jobs. The Hamilton-based business, founded in 2012, published a stable of rock music magazines as well as the rock music website www.teamrock.com and TeamRock internet radio.

Team Rock had also acquired the Classic Rock, Prog and Metal Hammer magazines from Future Publishing in 2013 in a £10.2 million deal which took the Small/ Mid sized Deal of the Year at Insider's 2013 Deals and Dealmakers Awards.

Appointed administrators from FRP Advisory said the business had traded at a loss “for a significant period of time, with consequent constraints on the cash position." The administrators added: “Cost-cutting measures were implemented and despite the best efforts of the directors to seek additional investment or a purchaser for the business, no deal could be completed, leaving the company with no viable option other than to enter administration and to immediately cease trading. A handful of staff have been retained to assist the administrators, with all other employees made redundant.”

Team Rock employed 31 staff at its offices in High Blantyre, Glasgow and a further 49 at its offices in London. Across both offices, seven staff have been retained to assist the administrators.

According to the report, the seven employees who have been retained will assist with continued physical publications and website maintenance, but it's unclear if sites like Metal Hammer are going to remain operational in the coming weeks with such a reduced work froce.

Our condolences go out to all those fellow metal writers and staff who have lost their jobs this holiday season.

Update: Metal Hammer has since issued this tweet about the situation:

Read the full article at DailyRecord.