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Wednesday, 22 May 2013

Boy Band Blue's music company in administration


The Boy Band members' company Blueworld UK LLP has gone into administration.  This is somewhat bad timing as the band are in the middle of a come back tour which has been a sell out.

Blueworld, which officially went into administration on May 1.  The company runs the fan club and the official website.  To join cost £45 and if the business has gone into administration then fans are unlikely to get refunds.  Other creditors are owed reportedly thousands of pounds.

A band spokeswoman said, “Blue have been open about their recent financial struggles and are restructuring their business model.

The last set of accounts in 2012 showed they were owed £431k but only had £76k in the bank.  Obviously these figures are out of date but it could be a case of getting in bookings etc but not collecting in the cash quickly enough.  Having said that they are unlikely to get their fee for appearances until after the show.  Perhaps they should have asked for more upfront??

The official website is still running and presumably the venues for the events will pay the company once they have performed.  This money will be used to pay the creditors.


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