More Sanctuary news, and the cross-sector music company confirmed on Friday that it was seriously considering selling off parts of its group in a bid to aid its much sought after revival after a long period of financial instability. Bosses announced those intentions after posting an annual loss which, as expected, was heightened because of the costs of refinancing and restructuring and because of losses made by Rough Trade Records, in which Sanctuary has a 49% stake.
The Group's board said in a statement: "The board is currently considering a number of opportunities that may enable it to realise value from the disposal of parts of the group. At the same time, opportunities for acquisitions or business combinations, which would improve profitability and enhance shareholder value, will be considered".
Although Sanctuary continues to struggle, losses for the last financial year, which ended on 30 Sep, were £56.7 million, which is a considerable improvement on the £136 million in losses made the previous year.