Music manager Sanctuary cuts jobs

Troubled music management business Sanctuary today announced plans to cut its workforce by a quarter as part of a battle to stabilise its fortunes.

Sanctuary, whose portfolio of artists includes Elton John and Beyonce, said it was cutting 175 jobs worldwide but did not say where the jobs would go.

The group, which has offices in London, Houston, Los Angeles, New York and Berlin, is attempting to recover from a string of profits warnings in the last few months.

It recently warned it would plunge into the red this year and pulled out of talks that could have led to a takeover offer for the company.

Sanctuary, which employs around 300 people in the UK, runs a global management business for music artists with stars such as Manic Street Preachers, Nelly, Morrissey and Iron Maiden on its books. It is also the UK’s largest independent record company, owns the biggest live tour booking agency outside the United States and sells official merchandise.

The group said today that the job cuts would not compromise levels of service and its commitment to its artists and customers. It said it did not expect any further significant headcount reductions.