The London based Sanctuary music Group issued another performance warning to the investment community yesterday after admitting that key buy-out talks had fallen through.
In a statement to the city Sanctuary warned: "Trading has remained difficult, which, together with the operational constraints placed on the business during this time, seems likely to result in a further deterioration of the results for the full year". On the possibility of a buy out of the company, something which has been on the cards since Jun, Sanctuary bosses added that talks so far were "unlikely to lead to an offer at or near to the current share price."
The announcement sent the company's stock price falling some 40% to its lowest point in more than thirteen years. All of which is a damn shame, cos we still reckon that Sanctuary's business model - trading in most aspects of the wider music business - is still the future of the music industry. Let's hope they recover from these current financial woes soon.