73 lose jobs at Team Rock, parent of Metal Hammer, other publications
The holidays can get a little depressing for anyone, but those who lose their jobs right as the holidays hit can be the worst hit. This unfortunately happened at South Lanarkshire-based rock music media firm Team Rock Ltd.
The BBC reported that over 70 people were laid off following the collapse of the company after it got into financial difficulties. The company was founded in 2012 and published many music magazines, including Metal Hammer, Classic Rock, and Prog. In addition, the company also had the Golden Gods Awards and ran its own rock news website.
Job losses of 27 staff hit the office in High Blantyre while 46 were lost in London. Seven staff, including four in High Blantyre, will be retained on a short-term basis to assist administrators.
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Administrators from FRP Advisory, who were called in after the firm’s financial troubles, said the business had traded at a loss “for a significant period of time, with consequent constraints on the cash position," according to BBC report.
Administrator Tom MacLennan said, “The company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option.” He added that the administration “presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following.”
Regardless, over 70 people are now out of jobs, making for a rather depressing Christmas season.