PledgeMusic in talks with UK administrator

PledgeMusic in talks with UK administrator

It’s been a troubled few months for PledgeMusic, but one way or another the end could be in sight.

There has been a flurry of speculation about the D2C platform entering administration, while a buyer could yet come forward.

Music Week has confirmed that PledgeMusic is in talks with business advisory firm FRP Advisory, but not yet in administration. 

A spokesperson for FRP Advisory said: “FRP Advisory is meeting with the directors of PledgeMusic to undertake a review of the company and discuss restructuring options for the business. FRP Advisory has not yet been appointed as administrators.” 

PledgeMusic’s problems began with the revelation that it was struggling to pay artists money owed from crowd-funding campaigns. The company later confirmed it was up for sale, while co-founder Benji Rogers returned in an advisory capacity.

Staff have since left the company and artists have struggled to get any information on payment of money owed to them.

There have been reports that PledgeMusic’s debts could be in the region of £2.3 million. A leaked email stated the expressions of interest in the company are due by 4pm on Thursday (May 9).

PledgeMusic declined to comment.

 

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