LONDON (VIP-NEWS) — The Welsh Music Foundation (WMF) has suspended its operations as of Tuesday July 1, following the expiration of a three-year funding agreement with the Welsh Government.
A six-month extension was offered by the Welsh Government to allow the WMF to continue providing its core services and to secure alternative funding. However, the extension was considered to be “an unviable proposal” by the WMF Board and was consequently rejected.
The company was receiving its annual revenue in the form of a £160,000 grant. Three redundancies have been made due to the suspension of the company’s operations.
WMF Board stated: “It is highly regrettable to be closing our office and operations and we are extremely concerned for the hiatus in service to the music industry of Wales that this causes. However, having carefully considered a number of options, and in the knowledge that there is no further commitment from Welsh Government to fund our service to the industry, it is the only responsible option currently available to us.The Board of WMF remain committed and will seek new investment and partnerships to support the development of the music industry in Wales.“
According to MusicWeek