Sanctuary Group Fight For Financial Survival
Times Online is reporting that Sanctuary Group, the music company which handles artists such as GUNS N' ROSES, IRON MAIDEN, SLIPKNOT and SLAYER, gave warning on Friday (Oct. 28) that it would have to take a multimillion-pound hit to its balance sheet as it fights to ensure its long-term survival.
The company told investors that its end-of-year balance sheet "will show net liabilities" — meaning that, technically, the business is "worth less than nothing," according to Times Online.
Shares in Sanctuary plunged 15 per cent as the company said that it was reviewing its accounting policies, as well as dealing with the consequences of a dismal year of trading.
Sanctuary is also planning on making 175 staff redundant to cut costs, twice the amount planned initially. According to analysts, that exercise will cost an estimated £8 million, to achieve annual cost savings of about £16 million.
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