Tuesday, 20 December 2016

Metal Hammer parent folds

More than 70 people have been laid off following the collapse of South Lanarkshire-based rock music media firm Team Rock Ltd, the parent company for Classic Rock, Metal Hammer, Prog, the Golden Gods Awards and the Classic Rock Awards. Administrators were called in after the firm got into financial difficulties. A total of 27 staff in High Blantyre and 46 in London have been made redundant. A further seven staff - including four in High Blantyre - will be retained "in the short term" to assist the administrators. Administrators from FRP Advisory said the business had traded at a loss “for a significant period of time, with consequent constraints on the cash position”. The administrators added: “Cost-cutting measures were implemented and despite the best efforts of the directors to seek additional investment or a purchaser for the business, no deal could be completed, leaving the company with no viable option other than to enter administration and to immediately cease trading."
The future of the titles remains unclear.


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