| Sanctuary Turns Up the Suck | |
“2005 was a disappointing year for us” - Sanctuary Group 2005 Annual Report
That was the opening line from the Chairman’s report in last year’s annual report. I can’t wait to see what 2006’s is going to be.
Sanctuary owns a big chunk of Rough Trade [on a sidenote I’m looking forward to reading Rough Trade: Labels Unlimited], which is part of their current problems it seems. They also have released or managed a variable who’s who of past and present rockers from Iron Maiden to Axl Rose to Antony and the Johnsons
The latest in an ongoing string of bad news from the company was announced yesterday when it was noted that Sanctuary shares have plummeted. Today Julia Finch’s Viewpoint for the Guardian wasn’t pulling any punches, titled Sanctuary is more crock than rock starts off positively beaming:
Has there ever, in the history of rock’n'roll, been a more disastrous music company than Sanctuary Group? The company built on Iron Maiden and Morrissey yesterday issued yet another profit warning. It has now issued more financial alerts than Pete Doherty - once one of the group’s star turns - has had court appearances.
She even manages to get a dig in against the Strokes noting: The scale of their collapse [Sanctuary’s] is on a par with the demise of Sanctuary band The Strokes. Ouch
The largest independent in the UK, and largest management company in the world, the past years’ problems have seen key acts [Iron Maiden] and personnel [Rod Smallwood, co-founder + additional managers and the acts they represented] disappear. It will be interesting to see what remains of the Sanctuary Group after various offers for pieces of the company are considered - might soon be time for a new indie to be king of the hill in the UK.
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