Sanctuary Sells Rough Trade Records
July 24, 2007 at 5:47 AM (PT)
SANCTUARY is selling its stake in ROUGH TRADE RECORDS, the label that first signed THE SMITHS, to the long-established independent BEGGARS GROUP.
SANCTUARY is set to announce the sale of its 49% interest in the loss-making label for a cash sum of £800,000.
The disposal of ROUGH TRADE comes as SANCTUARY is about to be taken over by UNIVERSAL MUSIC GROUP.