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UPDATE: Sanctuary Withdraws From Sales Talks

(CelebrityAccess MediaWire) — The troubled board at Sanctuary Group decided yesterday to withdraw from all remaining discussions with third parties who previously expressed an interest in the company.

The board released a statement saying that the decision was made “following a review of the discussions to date regarding a possible offer for the company,” according ot Billboard.

Sanctuary added that it intended to make “further additional and substantial annualized costs savings” to be implemented by the financial year-end.

Andy Taylor, Sanctuary Group executive chairman, said in the statement,” As I stated last week, I am totally focused on repairing the short-term damage to what is fundamentally a robust business. We will be restructuring our business and supporting our artists throughout.”

Taylor added that the goal of the board was to “steer the company, which has an extremely strong roster of artists, and a strong 30-year track record, back to a profitable trading position and back to sustainable long term growth.”

According to Billboard, Sanctuary Group’s shares on London’s stock market exchange closed at 6.63p, or $11.78, down 16.4%. –by CelebrityAccess Staff Writers