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Music Management Sanctuary to Make Cuts
International entertainment company Sanctuary Group PLC said Monday it will cut its work force by a quarter after a series of profit warnings.
Sanctuary, which represents artists including Elton John, The Manic Street Preachers, James Blunt and Iron Maiden, said it plans to cut 175 positions worldwide to cut costs. The company has offices in London, Houston, Los Angeles, New York and Berlin.
The company, which has previously warned it will report a profit loss this year, has targeted 7 million pounds ($12.3 million) to 8 million pounds ($14.1 million) of cost savings annually. It also plans to dispose of a number of core businesses.
"I am pleased with the rapid progress we have made in addressing the key issues and costs in our business and we will continue to restructure the group over the next few weeks and months," Executive Chairman Andy Taylor said.
Sanctuary bought Elton John's management company Twenty-First Artists in April in a deal worth 16 million pounds ($28 million). The deal included a takeover of the company and a five-year contract to manage the singer.
Sanctuary shares were up 0.3 percent at 6.13 pence (10.8 cents).
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