A rock music media business behind a clutch of well-known brands in the sector has fallen into administration.
Glasgow-based Team Rock, which owns magazines and awards including Metal Hammer and the Classic Rock Awards, had been battling losses for some time.
Administrators at FRP Advisory have made 73 staff redundant at the £6 million turnover business, which had offices in Glasgow and London, and are seeking buyers for its assets with a handful of staff retained to assist.
Team Rock was founded by Billy Anderson, the former Scottish MD of Real Radio, and bought a number of magazine titles from Future Publishing in 2013.
Tom MacLennan, joint administrator, said: “The company explored every option to secure its long-term future, however the constraints on the cash position of the business were such that administration was the only viable option.”