Australian Music Group Holdings, owner of the 30-store Allans Billy Hyde chain, has been placed in voluntary administration today after London-based majority shareholder Revere Capital has called quittin' time for good on the musical instrument retailer.
It's a sad day for all invlolved including 300 staff across Australia and patrons of the buisness who will not have deposits returned or outstanding gift vouchers honoured according to Ferrier Hodgson partners James Stewart and Brendan Richards who have been appointed receivers and managers.
The company, which has already commenced a liquidation sale will continue to trade until the receivers are able restructure the business and possibly sell off some or all of the retail outlets.
According to Wikipedia Allans was established in May, 1850 when Joseph Wilkie and Webster started a music warehouse (Wilkie and Webster) in Collins Street, Melbourne. George Allan joined the company in 1862, then twelve years after becoming a junior partner Allan found himself sole proprietor.
Allans merged with Bill Hydes in 2010.
