Heaven knows British music bastion is miserable now - http://www.guardian.co.uk

Heaven knows British music bastion is miserable now Independent music giant Sanctuary is in deep trouble. Conal Walsh listens in Sunday August 7, 2005The Observer There's a big announcement in the offing from Morrissey, according to sources at Sanctuary Group, his record label. But even if the glum rocker's next album sells millions, there are likely to be some long faces in the Sanctuary boardroom. Heaven knows they must be miserable now - and it's got nothing to do with the former Smiths frontman.
Andy Taylor, Sanctuary's founder and executive chairman, had a tough time presenting Sanctuary's last set of interim results to the City earlier this summer. Under his guidance, the company has grown into Britain's largest 'independent' music group, with turnover of more than £200 million a year and artists on its books as diverse as Lou Reed, Status Quo and - Sanctuary's most prized and glamourous asset - Beyoncé Knowles. But Sanctuary also has an alarming £117 million of debts, and is the persistent subject of takeover rumours.