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Last Updated: Friday, 26 May 2006, 09:49 GMT 10:49 UK
Sanctuary sacks boss over figures
Andy Taylor, Sanctuary chief executive
Andy Taylor was removed after a study into Sanctuary's accounts
UK music group Sanctuary has said it has sacked its chief executive over the way he handled the company's accounts.

Andy Taylor was "removed" by the Sanctuary board after an investigation into its 2005 financial statements found mistakes had been made.

He is being replaced until the end of the year by Frank Presland, the chief executive of Sanctuary-owned Twenty-First Artists Management.

Among the artists Mr Presland has managed are Elton John and James Blunt.

The board said it had decided to sack Mr Taylor after concluding "that certain of the prior year adjustments made in the 2005 accounts should have been presented as a correction of fundamental errors and not as changes in accounting policy".

The review was prompted after queries from the Financial Reporting Review Panel.

Miserable now?

Earlier this year Mr Taylor unveiled a 110m rescue deal after revealing a five-fold increase in annual losses.

Sanctuary's losses in 2005 surged to 142.6m from 26.7m a year earlier - which it partly blamed on record release delays.

Its artists include former Smiths frontman Morrissey, whose recent Ringleader Of The Tormentors album became Sanctuary Record's first ever UK chart-topping album.

Sanctuary's management business represents acts such as Groove Armada and Super Furry Animals.


SEE ALSO:
Sanctuary outlines rescue plans
30 Jan 06 |  Business
Sanctuary cuts a quarter of staff
10 Oct 05 |  Business
Sanctuary ends its takeover talks
26 Sep 05 |  Business
Sanctuary shares slump on warning
17 Jun 05 |  Business
Sanctuary confirms 'offer' talks
03 Jun 05 |  Business
Album delays hit profits at EMI
24 May 05 |  Business


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