Gary Barlow has announced that he has closed his label Future Records after three years of operation.
Set-up in 2009, Barlow quickly brought a number of acclaimed acts to Future including rapper Aggro Santos, classical singer Camille Kerslake and Scottish singer Emma Imagination, all of whom garnered Top 10 hits.
It’s being reported that the Take That singer shuttered the label after it lost £4 million.
A Daily Record source said that “[Barlow’s] label wasn’t making enough money or generating any success.
“Gary was naturally upset because he had hoped to unearth the next big thing,” the source added. “He had singed a few great bands who are destined for success, but the problem was that he also had a few turkeys on his books.”
Losses were not mentioned in a statement from Barlow, however, which said “It’s been a very difficult decision but it came down to time. I’ve had a lot going on recently and I want to spend more time with my family.”
It is understood that current Future Records artists will be folded into the label’s parent company Universal.
Recent signings to Future include Lonsdale Boys Club and female solo artist A*M*E who was recently tipped in the Sound of 2013 poll.
Last year, Barlow received the Music Industry Trust award and was awarded an OBE for services to entertainment and charity work.