One of the UK’s largest surviving music retailers has shut down all its stores – in what has been branded “a disaster” for the entire music industry. PMT – Play Music Today – has shut down its nationwide network of stores with immediate effect after being plunged into administration. Famous faces who used the company included Black Sabbath guitarist Tony Iommi – who play their final Back To The Beginning gig next month – and Led Zeppelin’s Robert Plant’s.
But the company’s 11 stores across the UK and one warehouse in Liverpool have been closed with immediate effect. It is understood 96 people have already been made redundant, with 48 people retained to assist administrators. PMT also operated a significant online store, which has now been taken offline. All of PMT’s remaining stock has been sold to UK-based online retailer Gear4Music for an estimated cost value of “up to £2.4 million”, alongside “certain intangible assets” including websites, trademarks and commercial data, worth up to £1.2 million.
S&T Audio Limited – trading as PMT – was the fourth largest retailer of musical instruments in the UK in terms of revenue with a reported annual turnover of £43 million for the year that ended 30 April, 2024. It was also the largest chain of brick and mortar music stores left in the country, with locations in major cities.
This was crucial for enabling musicians – both accomplished and novice – to visit stores and “try out” instruments before buying.
Jonnie Khan of award-winning Leeds-based live performance music school LS18Rocks said: “This is a disaster for all musicians. Whether you are a seasoned professional with decades of experience or an absolute beginner looking to buy your first guitar, being able to actually visit a store and get expert advice is essential.
“We all know the jokes about guitar shops banning people playing the Smoke On The Water riff or Stairway To Heaven, but that is far more preferable than the sound of silence as people are now forced to buy their instruments online without any ability to try before they buy.
“My students at LS18 Rocks loved visiting PMT so it is a very dark day indeed that it has gone.”
A press release from administrators Interpath shared with Guitar.com sighted a “variety of challenges in recent times”, including the competitive pricing of instruments shrinking the margins of top-branded gear, “fragile consumer confidence” affecting the sales of high-end products, and rising costs associated with rent, business rates and employees.
It also explains how a string of recent insolvencies across the musical instruments sector have “tightened” credit terms across the supply chain, leading to a “detrimental impact on PMT’s cashflow”.
PMT’s directors initially sought to explore options prior to filing for the appointment of administrators, including a reorganisation of their store estate, as well as sale, refinance and investment options. However, no solvent option was available.