PMT placed into administration, all stores closed with immediate effect

Music gear retailer Play Music Today, known as PMT, has closed down all of its 11 stores throughout England and Wales with immediate effect.

The decision follows a period of struggle with financial performance for the brand, leading the directors of PMT to file for the appointment of administrators. Immediately following the appointment, the joint administrators concluded a sale of the company’s assets on 11 June, including its stock, to Gear4music.

A spokesperson for restructuring and advisory company Interpath states, “In common with other companies operating across the music retailing sector, PMT had faced a variety of challenges in recent times which had impacted financial performance. Competitive pricing of musical instruments had shrunk the margins of top-branded equipment, while fragile consumer confidence was impacting sales of high-end products.

“The company was also impacted by the ongoing industry-wide upward pressure on fixed costs, including rent, business rates and people costs. In addition, and following a number of recent insolvencies across the sector, credit terms had also tightened up and down the supply chain, all of which ultimately had a detrimental impact on PMT’s cashflow,” they explain.

PMT’s stores were situated in locations such as Birmingham, Cardiff, Manchester, and Nottingham. Currently, support for the members of its staff who have been made redundant is being prioritised. The PMT website remains online at the time of writing, though users have reported that they are not able to complete a purchase.

Rick Harrison, managing director at Interpath and joint administrator, comments, “It’s been a tough few years for specialist music equipment retailers who have battled headwinds including rising costs, dwindling margins, and the rising cost of living affecting consumer behaviour. Unfortunately, despite the best efforts of the board, in the case of PMT, these challenges proved too difficult to overcome.”

He continues, “While we are pleased to have concluded a sale of the stock and other assets to Gear4music, our immediate priority is to provide support to those employees who have been made redundant, including supporting them with claims to the Redundancy Payments Service.”

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