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
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