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Sanity goes into administration

The UK stores, previously sold in two batches by Virgin Entertainment Group to Brazin in late 2001 and Spring 2002, were taken over in September by Lee Skinner in a newly-registered company called Primemist backed by venture capitalists.

However, it is understood the business was sold back to the investment company last week ahead of going into administration. BDO Stoy Hayward's Shay Bannon and Simon Michaels have been appointed by the High Court as administrators of the business, which is registered as Our Price Entertainment.

BDO Stoy Hayward's assistant manager Mark Kelly says, "We are currently aiming to sell the company as a going concern and the company will therefore continue to trade, under the direction of the administrators."

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