Gut Records' assets are up for sale after the U.K. independent label went into administration.
Michael Sanders and Simon Bonney of specialist insolvency practitioners BN Norton have been appointed joint administrators of Gut Records Ltd. They are seeking buyers for the company assets, including the businesses Gut Records, Institute Recordings, Gut Recordings, GI Recordings, Gusto and GI Recordings. GTV Recordings, Gut's compilation and branded albums division, is not in administration.
Gut Records was launched in 1998 by Guy Holmes and released records by Tom Jones, Tears For Fears and the novelty act Crazy Frog.
Gut's regional promotions company Intermedia has closed down as a result of the indie going into administration. A new regional promotions operation set up by general manager Stacy Scurfield will honor Intermedia's contracts for artists including Goldfrapp and Moby.
"Unfortunately because the two companies were so closely linked, Intermedia had to go down with Gut Records," says Scurfield, who has set up Kent-based Cherry Lips PR.