Team Rock Limited Puts Portfolio Of Magazines, Award Shows Up For Sale
December 19, 2016 at 11:53 AM (PT)
TEAM ROCK LIMITED, owner of a stable of leading rock music magazines and music website www.teamrock.com, has entered administration with FRP ADVISORY to seek buyers for the business’s magazine titles and other assets.
TEAM ROCK’s titles and brands include CLASSIC ROCK, METAL HAMMER, PROF, the GOLDEN GODS AWARDS and the CLASSIC ROCK AWARDS. Joint administrators TOM MacLENNAN, IAIN FRASER and JASON BAKER at FRP ADVISORY, request interested parties to make early contact.
TEAM ROCK was founded in 2012 and the business acquired the CLASSIC ROCK, PROF and METAL HAMMER magazines from FUTURE PUBLISHING in 2013. The website www.teamrock.com attracts in excess of three million hits per month, with TEAM ROCK internet radio reaching a large online audience.
The business had grown to a staff base of 80, with 31 based in GLASGOW and 49 based in LONDON. Annual turnover generated was in excess of £6M.
A handful of staff have been retained to assist the administrators, with all other employees let go.
Said FRP ADVISORY's MacLENNAN, “The company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option. The administration presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following. The brands and assets could appeal to a music publishing business looking to expand its portfolio, or an entrepreneur that sees the potential for developing the brands. The business has now ceased trading. Seven staff will be retained in the short term, three in LONDON and four in GLASGOW, to assist the administrators with magazine publishing, website maintenance and other matters. Our priority is to work closely with all agencies and services to ensure employees receive every support and assistance at this very difficult time."