UK independent record company V2, recently sold out by the Virgin Group to Morgan Stanley of course, has confirmed it has entered into a new distribution deal with Universal Music. The deal will see the major record company provide distribution services for V2 and its partner labels, including Wichita, Moshi Moshi, City Slang and Arts & Crafts. V2's output was previously distributed by independent player Pinnacle.
Confirming the new deal, V2 MD David Steele told reporters: "This is a very attractive deal for us, we gain the benefit of the expertise and experience of being with the largest record distributor in the country along with the flexibility of creating our own bespoke sales operation within it".
Universal Distribution Director Russell Richards added: "I am delighted to welcome such a prestigious, independent label to Universal's distribution operation and look forward to working with the V2 team on the distribution of their first releases under the new deal this Summer."