London based music company Sanctuary has announced it will cut its workforce by a quarter in a bid to tackle those previously reported financial hardships. The difficult downsizing was announced following the release of a number of profit warnings in recent months, and a recent announcement that the group had ended talks with possible takeover bidders deciding to sort out their current difficulties themselves.
175 jobs will go, though it is not yet clear where the cuts will come. Sanctuary has operations in London, Houston, Los Angeles, New York and Berlin, and is unique in that it trades in most sectors of the music business, including recordings, publishing, management and live music.
Bosses hope the move, which should save between £7m and £8m, will help the company turn round its fortunes. In a statement, exec chairman Andy Taylor said: "I am confident that we have a high quality business and, with a much-reduced cost base, I believe we are well placed to rapidly return to profitability going forward".