ICONIC MUSIC RETAILER IN RECEIVERSHIP ALLANS MUSIC + BILLY HYDE
Comment Total : 0
23 August 2012
Australian Music Group Holdings Pty Ltd (AMG), trading as Allans + Billy Hyde, Australia’s largest independent music retailer, was placed into receivership today following the appointment of Voluntary Administrators.
Ferrier Hodgson partners Mr James Stewart and Mr Brendan Richards were appointed Receivers and Managers over AMG and a number of associated entities. The appointment was made by the secured creditor (Revere Capital Pty Ltd) and extends to AMG’s wholesale distribution importing business, trading as MusicLink and Intermusic, which commenced in 1973 and supplies over 300 independent music retailers. It does not however include Stage Systems, a backline hire company servicing the festivals and live concerts market.
Receiver Mr James Stewart said the Group’s decline in performance was impacted by the decrease in consumer discretionary spending currently being felt by many Australian retailers. He said it would be business as usual while the Receivers look at the restructuring and realisation opportunities for the Group.
“Allans and Billy Hyde are two of the best known brands associated with live music in this country holding in excess of 25% market share in retail sales.” Mr Stewart said. “We are immediately calling for expressions of interest for a sale of the business as a going concern.”
Mr Stewart said that employees will continue to be paid by the Receivers and that it is expected that employee entitlements will be covered under the Federal Government’s General Employee Entitlements and Redundancy Scheme (GEERS) if the business cannot be sold as a going concern.
He also stated that due to the financial circumstances of the Group, unfortunately, outstanding gift vouchers cannot be honoured and deposits cannot be refunded. Affected customers will become unsecured creditors of the Group.
Existing lay-bys however will be met in accordance with their terms and conditions.
About Allans + Billy Hyde
Allans + Billy Hyde operates 25 stores across Australia plus four franchisee stores. There are 500 employees. The outlets specialise in the sale of musical instruments, live music accessories and sheet music.
Allans Music began in the 1850s when Mr Joseph Wilkie and Mr George Allan opened a music warehouse in Melbourne’s Collins Street.
Mr Billy Hyde was a drum manufacturer who perfected the production of drum kits in the 1950s and 1960s, opening his first store in Flemington in 1962.
Allans + Billy Hyde merged in July 2010. Please refer to the following websites for updates throughout the Receivership. http://www.ferrierhodgson.com/ http://www.allansbillyhyde.com.au/
Please note, Ferrier Hodgson’s Director of Corporate Communications, Mr Michael Cave, is on annual leave until 6 September 2012 and in the interim all media enquiries should be directed to:
Felicity Allen Kreab Gavin Anderson Ph: (03) 3 9659 3000 Email: email@example.com
Be the first person to Comment!
George Harrison’s $485,000 Maton
A Maton Mastersound MS500 electric guitar, authenticated to have been played by George Harrison during a series of concerts by the just...
AN EVENING WITH TOMMY EMMANUEL
“One of the greatest players on the planet” – Chet Atkins “The best (guitar player) I’ve ever seen” – Eric Clapton Australian guitar...
Music China 2014
Music China 2014...
Behind the Magical Tone Code of the SRS808.
For some time now at Maton we have been looking for ways to improve the acoustic performance of our 808 series of smaller...
The New Mahogany Mini
The New Mahogany Mini. The solid sapele face, back and sides produce a rich, warm tone while the ebony fingerboard and bridge...