Pinnacle Distribution Goes Bust!
AIM helps labels caught up in Pinnacle collapse
17:45 | Thursday December 4, 2008
Specialist corporate insolvency lawyer Philip Flower was on hand last night to advise the many labels caught up in the sudden collapse of Pinnacle.
AIM chairman and chief executive Alison Wenham says that at a meeting held in Chiswick, Flower was able to provide many labels with advice on their options with the administrators BDO Stoy Hayward. Also present were representatives from iTunes, MCPS, distributors and Consolidated Independent, who provide digital warehousing for Pinnacle.
The mood of the meeting was sombre – one indie label attendee described it as like “being at a funeral” – but Wenham remains upbeat that if the indie community can rally around it will help to minimise the fallout. She adds, “It is quite clear that this is an extremely serious situation for the labels caught by the sudden collapse of Pinnacle. In the run up to Christmas everyone is acutely aware of the need to move as quickly as possible to resume trading and to restore confidence in the retail market.”
In the meantime she says AIM will continue to advise labels on both an individual and on a collective basis to “ensure that losses are mitigated, and trading can recommence as quickly as possible.”
…..( Shellshock our distributer is a sub distributer of Pinnacle and uses The Pinnacle sales platforms, as yet we do not know how this will affect Bristol Archive Records – more news as soon as possible.)
Mike Darby
