Music Gear News
Dolphin Music Goes in to Administration
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
JBL Professional has launched a competition that gives aspiring musician the opportunity to record in a professional facility with renowned producer Steve Levine.
Delivered by Choreographer and Theater Director Arlene Phillips, The Bacc For the Future campaign has acquired support of over 100 hundred influential figures
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
With an increased quality of specifications right across the board, Apple's eponymous 'iPad' will host a whole generous selection of great new features.
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.
Aiming to provide equal educational opportunities for children across the U.K, NYMAZ outline the importance of technology in today's learning environment.
Recent Music News
Building upon the success of the acclaimed Hall of Fame Reverb Pedal, the second instalment from TC Electronic sees a much more refined and modern rendition.
Novation's Circuit Groovebox is now more expressive than ever, with new firmware granting players exciting new updates to enhance their playing experience
Complete with integrated Wi-fi capabilities the Ui24R Recording and Mixing System can operate almost anywhere with unprecedented control and access.
Following CITES agreement last year, Fender has announced that their Elite guitar and bass range will be subject to strict regulation and substitution of woods.
A reinterpretation of its predecessor, the Moog Subsequent 37 CV Analog Synth builds upon a cumulative effort between Moog and the very people who play them.
With the advent of various new files formats and the cancelling of several licensing programs, the MP3 is speculated to soon become a thing of the past.