The publisher of a stable of music magazines that include Classic Rock and Metal Hammer has gone into administration, with the loss of 73 jobs. Team Rock called in administrators from FRP Advisory to find a buyer for its magazine titles and other assets.
The publisher was founded in 2012 and secured funding from backers including Christopher Mills, the hedge fund boss and Ukip supporter, after building up a substantial subscriber base across the world.
Last year the group generated more than £6 million of annual turnover. However, the business has been trading at a loss. Despite efforts to cut costs and find fresh investment, no deal was completed.