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Beggars can't be losers in Rough Trade swoop.
Everyone's a winner as Rough Trade stays independent and Beggars picks up an #800k bargain
by Ben Cardew
The Beggars Group is this week getting to grips with a historic deal which ensures that one of Britain's most iconic indie labels stays in entirely independent ownership.
The company, which already owns or part-owns such renowned indie labels as 4AD, Matador, XL Recordings and Beggars Banquet, last week completed its #800,000 acquisition of Sanctuary's 49% stake in Rough Trade.
One of the first releases under the new arrangement will be Super Furry Animals' eighth studio album Hey Venus!, due for release on August 27.
The news came as Sanctuary itself moved closer to losing its independent status. Universal announced last Friday that it had received acceptances from 50.5% of Sanctuary shareholders for its proposed takeover of the group and once again extended the acceptance deadline until 3pm this coming Thursday.
Rough Trade founder Geoff Travis, who together with Jeannette Lee owns the remaining 51% stake in the label, explains that it was crucial for Rough Trade to stay in independent hands.
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