Music Gear News

At Gear4music.com we update our news channel daily to ensure you always get the latest and most important music news.

Dolphin Music Goes in to Administration

Dolphin Music Goes in to Administration
Great Deals on Musical Instruments

After many months of speculation, it has been revealed that Dolphin Music have gone into administration today (17th May 2011), with the company's Managing Director Jason Tavaria appointing Manchester based administrators Beevers and Struthers.

Rumours intensified yesterday when Dolphin closed its last store in High Street, Liverpool.

The business has already been purchased by S&T Audio, owners of instrument retailer PMT, who according to industry website mi-pro.co.uk have asked trade suppliers to allow up to 30 days for initial stages of the administration to be completed.

The musical instrument retailer had grown to be one of the largest in the sector, but had been troubled with accounting irregularities and group losses for a number of years.

Last year the holding company showed a negative balance sheet of around £130,091 following losses in both its online and high street retail operations.

Auditors Grant Thornton commented in the publically available accounts filed January 2011 "The fact that additional funding has not been secured for a longer period indicates the existence of a material uncertainty which may cast significant doubt about the companys ability to continue as a going concern in the longer term."

Dolphin recently sold its Huddersfield store to Dawsons music, but unfortunately it seems this was not sufficient to recover the large deficit and losses.

Posted on 17 May 2011 17:08 to category : Music News

Related Music News

thumbnail

With an increased quality of specifications right across the board, Apple's eponymous 'iPad' will host a whole generous selection of great new features.

22 Mar 2017 15:09
thumbnail

Supported by the likes of Ed Sheeran, Royal Blood, Wolf Alice and many more, Fanfair Alliances new educational guide is available for free download online.

21 Mar 2017 15:25
thumbnail

Aiming to provide equal educational opportunities for children across the U.K, NYMAZ outline the importance of technology in today's learning environment.

10 Mar 2017 12:22
thumbnail

Suffering from a shortage of funds in recent years, the Welsh educational system has experienced a slump in students who are expressing interest in music.

14 Feb 2017 13:19
thumbnail

Suffering an undisclosed illness, Hetfield takes things slow until his return to Denmark in September where he will "do their best to make it up to everyone".

6 Feb 2017 15:27
thumbnail

The band return to the studio to "make a bunch of racket" in a prelude to writing material for their next project. Recently interviewed bassist Mike Inez gives the lowdown.

27 Jan 2017 16:06

Recent Music News

thumbnail

Also available are sE Electronic's Brand New X1 S Vocal Pack and X1 S Studio Bundle, helping you attain that studio grade sound without breaking a sweat.

29 Mar 2017 13:08
thumbnail

With a slew of new reinterpretations and familiar faces to boot,KORG unveil the latest releases for this years Musikmesse in Frankfurt Germany.

29 Mar 2017 05:10
thumbnail

Delivered by Choreographer and Theater Director Arlene Phillips, The Bacc For the Future campaign has acquired support of over 100 hundred influential figures

28 Mar 2017 12:28
thumbnail

Melding tradition with modern manufacturing techniques, Tanglewood's Sundance Performance Pro Series offer the player unique tone with a distinctive personality.

27 Mar 2017 13:24
thumbnail

In a three week celebration extravaganza, the city of Liverpool will be paying testament to the legendary Beatles album 'Sgt. Pepper's Lonely Hearts Club Band'

24 Mar 2017 14:48
thumbnail

On the 22nd of April, Pink Floyd will be releasing an unheard version of the iconic classic 'Interstellar Overdrive' in celebration of world record day

23 Mar 2017 15:29