Musicians to find new Sanctuary
Universal Music has announced plans to shut down the UK recorded music arm of Sanctuary, after buying the struggling business last month for £44.5 million.
The music group has succumbed to falling CD sales and the impact of new technology on the industry.
The decision will see Universal concentrate on more profitable aspects of the business, such as merchandising and catalogue divisions.
Artists signed to the UK label will be consulted about the closure, with the Charlatans, Morrissey and Marc Almond among those on the list.
Universal Music said: “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.”