Wed, 15 May 2013 | ADMINISTRATION
Administrators have been appointed to handle the business and assets of White Rabbit Records Ltd.
Part of the company and its assets have already been sold to DV247 Ltd, a wholly owned subsidiary of Music Store GmbH. The remaining areas of the business are now being safeguarded through the administration process. It is unclear if they will be put up for sale at a later date.
White Rabbit Records traded through eight retail outlets, the majority of which were located in South East England. It has a head office in Romford, Essex, as well as a retail superstore and a distribution centre, which handled the musical instruments and accessories that it traded to schools, orchestras and the general public.
An internet sales platform, dv247.com, also contributed to the firm's turnover and accounted for around a third of the company's revenues.
The administrators, David Dunckley and Ian Carr from Grant Thornton, commented: “The directors of this business, which has been suffering from falling sales due to the malaise on the high street and constrained consumer purchasing, have been looking for quite some time for a potential purchaser of the company as a going concern.
“However this proved impossible to achieve although this sale from administration preserves the profitable parts of the business and safeguards the employment of the 77 people based in Romford.”
DV247 itself is not in administration; White Rabbit Records was its parent company, but the administration process has allowed DV247 to separate itself and work at moving forward with new investment and a new owner.
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