LONDON (CelebrityAccess MediaWire) — Rough Trade Records, a UK label that is home to bands like The Arcade Fire, The Decemberists and British Sea Power has been sold to the independent Beggars Group, The Guardian reported. The deal is reported to be worth $1.6 million dollars.
The divestiture comes as Rough Trade's current parent Sanctuary is about to be scooped up by Universal, who, as previously reported in CelebrityAccess appears to be primarily interested in their artist management operations. Both Rough Trade and their current parent Sanctuary have experienced financial straits in recent years.
Originally an outgrowth of Rough Trade Shop which was founded in the West End of London by Geoff Travis in 1976 but the two entities formally separated in 1982. In its early years, the label was synonymous with European indie rock and post-punk, including among its notables, The Smiths, Lucinda Williams, Belle & Sebastian and The Libertines. Sanctuary acquired a 49% share in Rough Trade in 2001 but has not been a strong contributor to Sanctuary's bottom line since.
Rough Trade also maintains an artist management arm, representing artists such as Pulp, McAlmont & Butler, & Marc Carroll. – CelebrityAccess Staff Writers