Manchester online music platform falls into liquidation

Wed, 13 Dec 2017 | ADMINISTRATION

An online music business platform has entered administration just over a year after the company secured funding from Creative England to prepare for its launch into the marketplace.

Beatroot Music, which is based in Manchester, announced earlier this week that it would cease trading only a year after landing a £125,000 funding package in November 2016.

The company was founded in 2015 and provided an online platform to help record labels, production companies and publishers prepare their music catalogues for distribution on the internet. It collected tracks, metadata and legal rights together in one place, allowing users to manage and share their tracks with clients and digital services such as Spotify.

Beatroot launched a beta version of its platform in 2014, and had previously signed a number of big name clients including PIAS, Warner Music, Domino, Sentric and Woodwork.

A recent downturn in business, however, and the loss of many clients meant that trading conditions became adverse for the music platform.

Steven Wiseglass from insolvency practice Inquesta has been appointed the sole liquidator of Beatroot after the company could not attract enough customers to make the business sustainable.

All five employees at the firm have been made redundant after attempts to sell the business were unsuccessful, and as its board of directors had since considered its financial position and “concluded it insolvent”.

As Beatroot’s official liquidator, Mr Wiseglass said he is still looking for a buyer of the firm’s assets, which include intellectual property comprising domain names, its website and bespoke software.

He said: “Beatroot’s technology holds great appeal in this digital age and discussions with several interested parties regarding a potential acquisition of the company’s assets are ongoing.”


Share this article



Latest Businesses for Sale

Classic Car Restoration & Sales (Fast Sale)
Lincolnshire, UK Wide

Expert team of specialist vehicle restoration mechanics and engineers. Spacious showroom and workshops. Please note, this is an accelerated process. Best and final offers are to be received by 5:00pm Monday 17 December 2018.

Asking Price: Offers Invited
Turnover: £343,328

Private & Corporate Event Catering Management Company
South East, UK

A profitable independent catering company that provides catering services throughout the Southeast. This is an opportunity to purchase a business with an established turnover, a loyal customer base and potential to grow. Offers invited.

Asking Price: £220,000
Turnover: £700,000

Takeaway & Delivery Restaurant
Barking, London, South East, UK

Profitable pizza, kebabs, chicken takeaway and delivery restaurant for sale. Established over 20 years. Very busy takeaway and delivery situated in a busy location with custom from local residential area and nearby school. Lots of passing trade from...

Asking Price: £159,000
Turnover: £384,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
11
 
Dec
 

Concrete company acquired in impressive deal | BUSINESS SALE

A Wrexham-based concrete products and quarrying company is s...

 
08
 
Dec
 

Geotechnical firm completes MBO | MBO/MBI

A geotechnical consulting group based in Durham has successf...

 
06
 
Dec
 

Construction company enters administration | ADMINISTRATION

A Bristol-based construction firm has collapsed into adminis...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
11
 
Dec
 

Concrete company acquired in impressive deal | BUSINESS SALE

A Wrexham-based concrete products and quarrying company is s...

 
08
 
Dec
 

Geotechnical firm completes MBO | MBO/MBI

A geotechnical consulting group based in Durham has successf...

 
06
 
Dec
 

Construction company enters administration | ADMINISTRATION

A Bristol-based construction firm has collapsed into adminis...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources