|ORANGE GOBLIN frontman BEN WARD launches JustGiving campaign for laid off TEAM ROCK staff|
|Tuesday, 20 December 2016 10:39|
Orange Goblin frontman Ben Ward has launched a JustGiving campaign in the hope of raising £20,000 for the staff of Team Rock, publishers of Classic Rock and Metal Hammer. The campaign comes following the company’s liquidation and the announcement that more than 70 members of staff are to be laid off, with immediate effect and with no severance pay just days before Christmas.
Administrators were called in yesterday (Monday) after Team Rock got into financial difficulties; 27 members of staff in Scotland and 46 in London have been made redundant. Seven staff members will be retained "in the short term" to assist the administrators.
Administrators at FRP Advisory are now seeking buyers for the business's magazine titles and other assets.
Joint administrator Tom MacLennan said Team Rock had traded at a loss "for a significant period of time", adding:
"The company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option. The administration presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following. "