British music tech startup Beatroot has ceased trading.
The Manchester-based company was founded in 2015, operating 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.
Steven Wiseglass, of insolvency practice Inquesta, has been appointed liquidator of Beatroot Music.
All five employees at Beatroot – which was run by CEO Miles Galliford – have been made redundant.
The firm received early-stage, six-figure venture capital investment to develop its platform, but failed to win enough customers to make the business sustainable.
“An attempt was made earlier this year to sell the business and assets but, although interest was shown, a sale could not be secured.”
Mr 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.”Music Business Worldwide