Online music platform ceases trading

An online music platform based in Manchester has ceased trading.

Steven Wiseglass, of insolvency practice Inquesta, has been appointed liquidator of Beatroot Music.

All five employees at Beatroot have been made redundant.

The company operated an online platform which enabled record labels and publishers to pull together their music catalogue, audio files, album artwork, metadata and rights data into one place and share these with clients, streaming services and music stores.

Beatroot, which was founded in 2015 and was based on Great Ancoats Street, received early-stage venture capital investment to develop its platform, but failed to win enough customers to make the business sustainable.

Wiseglass said: “Beatroot did attract customers which generated revenue, but sadly this was not sufficient to enable the business to continue on a viable basis.

“An attempt was made earlier this year to sell the business and assets but, although interest was shown, a sale could not be secured.

“The board of directors of the company have considered its financial position and have now concluded it is insolvent. It has been wound up and placed into creditors’ voluntary liquidation.”

Wiseglass is now seeking a buyer for Beatroot’s assets, which include its intellectual property that comprises bespoke software, domain names and its website.

He said: “Beatroot’s technology holds great appeal in this digital age and discussions with several interested parties regarding a potential acquisition of the company’s assets are ongoing.”