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Sister Ray goes into administration
14:32 | Wednesday July 30, 2008
Renowned London independent record store Sister Ray has gone into administration.
The shop’s owners Neil Brown and Phil Barton stress that the shop is still trading and the administrators are seeking interested parties in order to secure the future of the business.
The joint administrators, Ian Cadlock and Andy Pear of Tenon Recovery, says they are hopeful that a sale as a going concern may be achieved within the next four weeks.
Cadlock says, “This is a unique business with a truly global reputation and we are doing everything possible to ensure that Sister Ray is preserved for music fans worldwide”.
The administrators are being assisted by specialist agents and valuers, Edward Symmons LLP. Interested parties requiring further information may contact the agents on 020 7955 8454.
Readers' comments
I work for another independent entertainment retailer and I have to say the future looks bleak for this market now. I hope Sister Ray finds a buyer - I feel I already own a share in the business with the amount I have spent there over the last decade or so. However, the shop suffers from a considerable lack of presentation and direction and will need to run with the other more successful and commercial stores in the Capital if it is to progress and survive. If the new owners heed this advice and invest in the shop itself and nurture the staff into a service-led shopping environment then Sister Ray will stay in business for many years to come.