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Metropolis Studios restructures company
By Chris Cooke | Published on Wednesday 12 June 2013
London recording studio Metropolis has restructured its financial affairs, putting one trading company into administration, while holding company Metropolis London Music Ltd has acquired the firm’s assets and reemployed its workforce.
The restructuring comes as the company, which has mastering, event and music right concerns as well as its West London studios complex, secures three new investors who, Metropolis CEO Ian Brenchley told Music Week, are “incredibly strategic and experienced with a music and media business background”.
The administration of Metropolis Group Limited is being handled by administrators MacIntyre Hudson LLP. It’s not clear how many creditors are affected, though Brenchly continues: “As far as our liabilities are concerned, that’s in the hands of the administrators. We’re managing that with the freelancers and all the people who historically owed any money. We’ll ensure that’s all taken forward and that we remain on good, friendly terms”.
Either way, the changes are being spun as a positive development by the company’s management and new investors. One of the latter, Kainne Clement, told Music Week: “The restructuring of the business marks a brand new start for Metropolis. We can now focus on the future, stronger and more competitive. Our aggressive growth plan will be delivered by an incredibly strong team, which is already in place”.
