Distributor a victim of the economic downturn.
Indie label distribution company Pinnacle Entertainment has become the latest casualty of the economic downturn.
The firm went into administration yesterday, with BDO Stoy Hayward called in to see through the formalities.
At present, 94 members of staff have been made redundant by the company, which distributed releases from more than 400 record labels.
Matthew Tait, from the administrators, said the current economic downturn has led to the firm's demise and efforts will now focus on working out how best to handle its trading assets.
An unnamed chief executive of a major UK music company told the Telegraph the company played an important role in the indie scene.
"It does a good job distributing records from indie bands such as Fleet Foxes. It is a real shame that this has happened," the industry figure said.
Pinnacle claims to handle a range of music from artists including The Libertines, The Strokes, Morrissey and Feeder.
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