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MUMBAI: Sanctuary Records` plans to down the shutters on its UK recorded music business, and increase focus on its more profitable management arm. Reports suggest the decision was made by the firm`s new owner Universal, which bought Sanctuary last month for ?44.5m. The UK recorded music business is home to artists including The Charlatans, Morrissey, Kelly Osbourne and Marc Almond. The company`s US recorded music business, which counts Dolly Parton and Brian Wilson among its stars, is not affected by the decision, the reports add.
“In consultation with senior management of the Sanctuary Group, it has been decided that its Sanctuary Records UK division will no longer continue as a stand alone, front-line record label,” Universal said.
Sanctuary will continue to manage stars including Lulu and Sir Elton John.
In the last financial year, Sanctuary`s UK record label was the main drag on profits, with half-yearly revenues falling 35 per cent.
