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

With the advent of various new files formats and the cancelling of several licensing programs, the MP3 is speculated to soon become a thing of the past.

17 May 2017 12:40
thumbnail

JBL Professional has launched a competition that gives aspiring musician the opportunity to record in a professional facility with renowned producer Steve Levine.

8 May 2017 14:48
thumbnail

Delivered by Choreographer and Theater Director Arlene Phillips, The Bacc For the Future campaign has acquired support of over 100 hundred influential figures

28 Mar 2017 12:28
thumbnail

On the 22nd of April, Pink Floyd will be releasing an unheard version of the iconic classic 'Interstellar Overdrive' in celebration of world record day

23 Mar 2017 15:29
thumbnail

With an increased quality of specifications right across the board, Apple's eponymous 'iPad' will host a whole generous selection of great new features.

22 Mar 2017 15:09
thumbnail

Supported by the likes of Ed Sheeran, Royal Blood, Wolf Alice and many more, Fanfair Alliances new educational guide is available for free download online.

21 Mar 2017 15:25

Recent Music News

thumbnail

Alesis' II Mesh Electronic Drum Kit is a kit geared specifically towards advanced drummers looking to explore a variety of different timbres and sounds.

16 Aug 2017 12:26
thumbnail

Celebrating 50 years since his iconic performance at Monterey pop festival, Fender's Jimi Hendrix Monterey Stratocaster recreates the sound of a cultural icon.

16 Aug 2017 10:08
thumbnail

Building upon the already established fan favourite DJ-808 DJ Controller, Roland have now announced the launch of the portable and compact DJ-202 DJ Controller.

14 Aug 2017 08:00
thumbnail

Coinciding with the launch of its brand new DJ-202 counterpart, the Roland DJ-505 DJ Controller breathes a breath of new life into Roland's renowned DJ range.

14 Aug 2017 08:00
thumbnail

New to Roland's illustrious boutique range, the SH-01A builds upon the foundations of the revered SH-1A, granting the player a whole range of vintage voices.

8 Aug 2017 08:10
thumbnail

Based on the legendary TR-808m the TR-08 Rhythm Composer brings all of the legendary capabilities of its forefather into a more modern and streamlined format.

8 Aug 2017 08:10