Its been a difficult road recently for Chemical Records, but always a hopeful one. Sadly, it appears the fight to survive is over and have now filed for administration.
This is a major blow for record labels as the majority would have sold significant units (including our own label), and we hope the staff at Chemical can find positive outcome. Official Statement here or read below:
Music & Lifestyle Ltd, which traded as Chemical Records from St Vincents Trading Estate, Bristol has gone into Administration. The company, which sold music related equipment and clothing, was bought out of Administration last summer by the existing management, but failed to reach its expected sales targets.
David Tann and John Kirkpatrick from the Reading office of accountants Wilkins Kennedy LLP were appointed Administrators on Wednesday 26 March 2014.
David Tann said,’We were appointed at short notice and had very little time to try and find a way forward for the business. Whilst we have spoken to a number of parties there appears to be little appetite from anyone to take on the whole business. As a result we had to take the difficult decision to close the doorscompletely and make all 19 staff redundant.’
The Administrators are currently considering offers for the assets of the company.