Andys eyes options for avoiding sell-off.

Andy Gray is facing the prospect of seeing his business of more than 30 years sold off by administrators unless he can pull off a major restructuring plan.

Andys Records, for years the UK's premier independent music chain, fell into administration last week after succumbing to the pressures of intense High Street competition and crippling CD price-cutting.

RSM Robson Rhodes partner Adrian Howlett, who with colleague Matthew Dunham has been appointed joint administrator of the business, says there are a number of options his company is looking at for Andys, which now comprises 23 stores and 159 staff.

"One [option] is to assess the viability of the directors' restructuring plans which, to be fair, has been well thought out," he says. "We'll be looking to push that forward. That could lead to restructuring the company and merging out of administration. Alongside that, we're looking at third-party interest in the business.

Howlett says it is "inevitable" that some of the stores which are still trading will close down and he expects to reach some kind of conclusion on the business within about a month. Gray declines at this stage to go into details about the restructuring plan.

News of Andys' fall into administration has been greeted with sadness around the industry, although few seem surprised as difficulties at the chain have been well known for some time. It is understood that Gray has been trying to sell certain stores for several months.

The news is another blow to morale in the indie sector and comes just ...