Date Published: 15th January 2014
A Manchester-based guitar supplier that has worked with a number of major bands and solo artists has been placed into administration.
Tone World Limited, in Jersey Street, Manchester, entered administration on January 8, 2014, with John Kelly and Nigel Price, of business recovery and insolvency specialists Begbies Traynor, appointed as administrators.
The business continues to trade whilst a buyer is sought.
Mr Kelly said: “We’re still in the stages of making initial assessments and have begun marketing the business in the hope that a suitable buyer can be found.”
Mr Kelly added that one of the reasons for the business failure was that it has become embroiled in an ongoing legal dispute.
Two members of staff have been made redundant as a result of the business entering administration.
According to its website, Tone World has worked with artists including Elbow, Gary Barlow and Johnny Marr. A number of artists are known to have made appearances at the shop.
Interested parties requesting further information should contact Gareth Prince, senior manager at Begbies Traynor, on 0121 200 8150.
Mark is a Partner based in our Birmingham office, but covers the whole Midlands region. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined Begbies Traynor in 2005 having previously gained his ACCA qualification and now has many years restructuring and insolvency experience. He regularly advises directors, management teams and lenders of insolvency options across a range of different sectors and also frequently prepares independent business reviews.