Sanctuary Considers Asset Sale After Posting Full-Year Loss

LONDON (CelebrityAccess MediaWire) — British music giant Sanctuary Group Plc reported an annual loss last week, after being hit by refinancing and restructuring costs. The company is now considering selling major parts of the group.

“The board is currently considering a number of opportunities that may enable it to realise value from the disposal of parts of the group,” a statement from Sanctuary read, according to Reuters.

“At the same time, opportunities for acquisitions or business combinations, which would improve profitability and enhance shareholder value, will be considered.”

The company reported a $111 million operating loss for the year ending September 30th, versus a $266.3 million loss a year earlier.

The company warned shareholders in November that the loss would be larger than expected, because Rough Trade Records Ltd., in which Sanctuary holds a 49 percent stake, would also post a loss rather than breaking even as previously expected.

It said then that a number of offers had been made for several of the company’s businesses and that it would consider them after its annual results were announced. –by CelebrityAccess Staff Writers

Related Post