Music Gear News

At Gear4music.com we update our news channel daily to ensure you always get the latest and most important music news.

Dolphin Music Goes in to Administration

Dolphin Music Goes in to Administration
Great Deals on Musical Instruments

After many months of speculation, it has been revealed that Dolphin Music have gone into administration today (17th May 2011), with the company's Managing Director Jason Tavaria appointing Manchester based administrators Beevers and Struthers.

Rumours intensified yesterday when Dolphin closed its last store in High Street, Liverpool.

The business has already been purchased by S&T Audio, owners of instrument retailer PMT, who according to industry website mi-pro.co.uk have asked trade suppliers to allow up to 30 days for initial stages of the administration to be completed.

The musical instrument retailer had grown to be one of the largest in the sector, but had been troubled with accounting irregularities and group losses for a number of years.

Last year the holding company showed a negative balance sheet of around £130,091 following losses in both its online and high street retail operations.

Auditors Grant Thornton commented in the publically available accounts filed January 2011 "The fact that additional funding has not been secured for a longer period indicates the existence of a material uncertainty which may cast significant doubt about the companys ability to continue as a going concern in the longer term."

Dolphin recently sold its Huddersfield store to Dawsons music, but unfortunately it seems this was not sufficient to recover the large deficit and losses.

Posted on 17 May 2011 17:08 to category : Music News

Related Music News

thumbnail

Featuring a whole host of professional grade components, Antelope Audio's Zen Studio is available now at an incredibly discounted price.

17 Nov 2016 09:53
thumbnail

Chief executive of UK Music expects difficulties in the near future for UK artists wishing to work in the USA

16 Nov 2016 13:09
thumbnail

Ticket touters have been routinely slammed by artists and promoters for quite some time. Now, the government are to host an evidence session in which ticket touters and secondary tickets websites will be investigated.

14 Nov 2016 10:46
thumbnail

Shure announce their 'Call for Legends- Live Contest' in which the company search high and low for the next living music legends.

7 Nov 2016 12:12
thumbnail

In August controversy was in the air as the Dirty Dancing stage show fired its live musicians in favour of a backing track. Now the Musicians' Union urge its members to join in the protest.

26 Oct 2016 15:38
thumbnail

In recent times, the theft of musical instruments and gear seems to be more prevalent than ever. With this GPS guitar pedal, users can track their stolen equipment simply by logging in online on their phone or tablet.

24 Oct 2016 17:11

Recent Music News

thumbnail

Some formats of compressed MP3 have been linked with negatively effecting individuals emotional state due to their inherent tonal characteristics

8 Dec 2016 13:04
thumbnail

Once again Cubase continue to pave the path of innovation with Cubase Pro 9

7 Dec 2016 14:34
thumbnail

Changing colour from its previous grey to a sleek black, the Launch Control XL's appearance has been re imagined to keep it inline with its Launch key and Launchpad counterparts.

7 Dec 2016 09:23
thumbnail

Designed to simulate various classic amp tones, Supro's Tremolo Pedal introduces the new school to the old school

6 Dec 2016 11:16
thumbnail

A premium belt-drive turntable that features wireless streaming, the BT-500 has been designed to extract every musical detail of your record collection

5 Dec 2016 15:00
thumbnail

With new windows drivers installed and great savings to be made on selected models, Focusrite are giving you more and more reasons to be merry this Christmas

1 Dec 2016 14:51