Andromeda crash costs Sony £7.5m

by Lisa Foster
Friday, July 14th 2006 at 11:15AM BST

After a difficult period, which saw the distributor's overdraft facility being withdrawn, Andromeda went into receivership on April 13th. A number of assets of the main distribution business, including goodwill and stock, was subsequently sold to Choices UK.

At the same time, an MBO of Andromeda Logistics took place, with the company now known as Trilogy Logistics.

However, a huge shortfall remains, with Sony owed £7.5m and the receivers not expecting to be in a position to repay the format holder. Wages and salary arrears are believed to have been cleared now, but further significant debts to publishers are likely to be revealed.

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