Biggest independent still in trouble...
Chris Taylor

12:54 25th June 2006

Sanctuary Records, the home of Morrissey, The Strokes, Groove Armada and Beyonce amongst others, has announced an expected big trading loss to the stock market.

The label – the world’s largest independent music group, and noted for providing a home to ageing stars – stated they expect to register a pre-tax loss of between £17 to £22 million this year.

Following the statement, share prices tumbled in the company, which had to undergo a rescue package in January following Chief Executive Andy Taylor sacking after mistakes were discovered in Sanctuary’s financial statements.

Maybe Sanctuary's roster could organise a fundraiser gig?