Andys Records calls in administrators
ANDYS Records, the company started on a Felixstowe market stall in 1969, has gone in to administration leaving jobs hanging in the balance.The man behind the chain, Andy Gray was educated at Felixstowe Grammar School.
ANDYS Records, the company started on a Felixstowe market stall in 1969, has gone in to administration leaving jobs hanging in the balance.
The man behind the chain, Andy Gray was educated at Felixstowe Grammar School. He set up his first record store in Cambridge and expanded over the years to run 40 branches, including one in the Buttermarket in Ipswich and two in Bury St Edmunds.
But struggling to compete with larger stores such as HMV and Virgin plus the increasing sales of music on the internet has brought troubles for the company which in its heyday had a £30 million turnover and employed 300 people.
Andys Records branches had already been reduced to 26 and now the administrators, RSM Robson Rhodes LLP have been called in to save as many of those as possible.
It is not known whether the Ipswich branch will be affected but Lisa Mann, at RSM's Cambridge office said 14 jobs at the two Bury stores are under threat during the major re-evaluation exercise.
She said it was clear that a number of the branches were under-performing but there was no information to suggest Ipswich was one of those or if jobs would be lost in the Buttermarket Centre store.
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Miss Mann, added: "Job losses are always something we are going to look at because the business is not performing as well as it should.
"There is a big problem with cash flow and we need to identify the causes of that so that we can find out how best to restructure the company," she added.