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Beggars puts Rough Trade back on track.
After buying a 49% share of Rough Trade, Beggars boss is confident label will return to profit
by Ben Cardew
Beggars Group chairman Martin Mills is confident that he can return Rough Trade to profitability, after his company completed its #800,000 acquisition of Sanctuary's stake in the legendary independent label.
The deal, formally announced last Tuesday, had long been on the cards: Beggars confirmed in May that it was in negotiations with Sanctuary to buy its 49% share in Rough Trade, which recorded a loss of #2.8m for the year to September 30 2006.
Sanctuary, for its part, revealed at the end of 2006 that it was considering selling off its stake in the seminal indie.
Mills says business will continue as usual for Rough Trade's staff and artists following the acquisition: Rough Trade co-owners Geoff Travis and Jeannette Lee retain a 51% stake in the label, which will continue to operate out of its Goldborne Road offices in W10, with the Beggars Group taking over central office functions. Furthermore, no redundancies are planned.
However, Mills believes Beggars will be a more "culturally suitable" partner for Rough Trade than Sanctuary and suggests that the synergies between the two partners will allow Rough Trade to return to profitability.
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...catalogue. Beggars Group represents the labels XL Recordings, Rough Trade, Matador, and 4AD and whose acts include a diverse selection...the labels that form the group are 4AD, Matador Records, Rough Trade Records and XL Recordings. Artists currently working with...
- rough trade
- Reference information from: Webster's NewWorld Dictionary January 1, 1988 700+ words
Webster's NewWorld Dictionary 01-01-1988 rough trade [Slang] 1. a tough, brutal, or sadistic, homosexual male picked up or hired for sexual activity 2. homosexuals of this type collectively Copyright 1994, 1991, 1988 Simon & Schuster, Inc.
