Australian Music Group Holdings (AMG), the owner of two of the best known brands in the Australian music industry, Allans and Billy Hyde Music, has been placed into receivership by one of its creditors, putting an uncertain future on 25 of the iconic brand name’s retails stores.
According to ABC news, James Stewart and Brendan Richards are the two who were appointed as administrators by Revere Capital (which is owed money by AMG) and they immediately placed the retailer into receivership.
The stores will continue to trade while the restructuring of the business continues, but currently won’t honour any gift vouchers, and deposits will not be refunded. The likely outcome will be that most of the stores will eventually be sold until they are back in the black.
Allans was established back in 1850 as Wilkie and Webster, but eventually took the name ‘Allans’ from George Allan when he joined the company in 1862. It established itself as a well-known store for instruments, sheet music, and accessories. It operates as seven physical stores, and entered the online realm during the 00s.
Billy Hyde started out in the 30s as a well-known drummer in the music scene. His love for the instrument helped him construct drum kits, including the first tube steel practice kit in the 50s. His first physical store was opened in 1962, selling kits and teaching the percussion. In 1972 they opened a better store, expanding to a range on instruments.
In 2010 Allans Music merged with Billy Hyde Music to become the largest music retailer in Australia.