Business News Deals Labels & Publishers

Lasgo founder buys back business

By | Published on Monday 21 March 2011

Chrysalis Music

Lasgo Chrysalis, the distribution bit of the former Chrysalis Group, has been bought back by its founder Peter Lassman with the support of Chrysalis co-founder Chris Wright.

Lasgo Chrysalis was acquired by BMG when it took control of the wider Chrysalis Group last year. However, whereas the rest of the London-based music firm’s operations have been merged with BMG’s existing UK business to create BMG Chrysalis, Lasgo remained independent. And Lassman now says his business was never central to BMG’s plans.

Music Week quote Lassman as saying: “When BMG bought Chrysalis PLC it was pretty obvious that they were buying it for the publishing interests and not for Lasgo trading”.

Revealing that both he and Wright had put up hundreds of thousands each to mount the bid to buy Lasgo, he said that while the physical distribution market was in decline, there were still many opportunities, especially as the number of competitors decrease. He added: “I don’t think these markets we are in are going to disappear any time soon and result in us going out of business – otherwise I wouldn’t put my own money into it”.