It seems as though more than 70 people have been laid off following the collapse of South Lanarkshire-based rock music media firm Team Rock Ltd.
Administrators were called in after the firm got into financial difficulties. A total of 27 staff in High Blantyre and 46 in London. A handful of staff have been retained to assist the administrators, with all other employees were let go.”
Team Rock had acquired Classic Rock, Prog and Metal Hammer magazines from Future Publishing in 2013
Most recent accounts filed by Team Rock Ltd covering the 2015 year to March 31 show the business booked a pre-tax loss of £8.8 million, having booked a pre-tax loss of £4.3 million the prior year. The company ended the 2015 year with net debts totalling £11.7 million, up from £5.9 million the prior year.
The accounts show Team Rock completed a new £4.5 million investment round in October 2015 led by North Atlantic Smaller Companies Investment Trust Plc and new investor, Scottish Enterprise. North Atlantic Smaller Companies Investment Trust also waived £8.9 million in loans and interest payments in exchange for ordinary and redeemable preference shares. Team Rock generated sales of £6.5 million in the 2015 year, down from £7.5 million in 2014 and administrative expenses ballooned to £12.4 million, up from £9.3 million in 2014.