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

Research from the National Association for Music Education has recently highlighted the most fundamental aspects of an effective practice routine and how to be a better musician

30 Dec 2016 15:56
thumbnail

MusicRadar recently spoke to iZotope to get their opinion on intelligent mixers and how they are impacting the contemporary producer.

29 Dec 2016 13:11
thumbnail

The grandfather of virtual reality Jaron Lanier relays a time when the first explorations into virtual reality were concerned with how to create a real air guitar.

28 Dec 2016 16:46
thumbnail

In the wake of an increasing trend for musicians having to work for free or for less than they're entitled to, the Musicians Union show their support.

22 Dec 2016 12:01
thumbnail

Some formats of compressed MP3 have been linked with negatively effecting individuals emotional state due to their inherent tonal characteristics

8 Dec 2016 13:04
thumbnail

Featuring a whole host of professional grade components, Antelope Audio's Zen Studio is available now at an incredibly discounted price.

17 Nov 2016 09:53

Recent Music News

thumbnail

Revealing their new range of highly affordable S series, Gibson dish the dirt on their 2017 Line up including the Traditional Series, High Performance Series and more.

16 Jan 2017 13:11
thumbnail

Ideal for those players who flourish in an intuitive education environment, Flowkey puts you in charge of your learning offering a variety of insightful tools.

13 Jan 2017 16:14
thumbnail

The Sonzera series consists of a 50W combo, 50W Head and 20W combo.Used by Black Stone Cherry and Snarky Puppy, expect professional grade tone right off the bat

13 Jan 2017 13:25
thumbnail

Unconventional being what Ibanez do best, the SRAS7 brings the best of both worlds to the modern musician with its combination fretless and fretted fretboards,

12 Jan 2017 10:52
thumbnail

With a variety of new additions to their 2017 line-up, Korg spill the beans on their new revamps, updates and products that are to be appearing at NAMM

12 Jan 2017 08:34
thumbnail

With a stellar 2017 line up at hand Vox have yet again proved to be the masters of innovation, providing a solid mix of classics and contemporary twists

12 Jan 2017 08:34