Sanctuary, the music company whose artists include Eurovision Song Contest winners Lordi, has admitted that troubles times lie ahead as share prices took a 40% tumble to just 23.25p on Friday.
Officials at Sanctuary, whose books include other big names such as Iron Maiden, James Blunt and Eurovision fan Morissey, warned that trading in its records division had been poorer than anticipated, and the company would be posting a loss for the year.
Sanctuary wasoriginally foundedby two Cambridge graduates, with an aim to promoting Heavy Rock bands. It was viewed at its peak two years ago, when the firm was valued at a hefty £200m. Analysts blame the current troubles on an over-ambitious expansion drive, culminating in the purchase of Music World Entertainment in 2003 – the company owned by Beyoncé's father, Mathew Knowles. Nowadays, Lordi is just one ofmany reknowned international acts handled by the company.
