Updated: Premier Music International goes into liquidation
Premier Music International Ltd. (PMIL) of Leicestershire, England, has declared that it has undergone a “boardroom restructring,” with a plan to create “a stronger mutual business.” According to sources, the company has been renamed for now as “High House 456 Ltd.,” presumably in reference to the holding company that has secured its assets.
“The restructuring involves the closure of the existing company,” a Premier spokesperson said in a letter to creditors, which went on to state, “A new company has been set up to take over the business which will allow us to ship backorders and ensure that product supply for the future will be free-flowing . . . We appreciate that business has been impacted by recent financial constraints and look forward to building our business together for the future.”
“We can confirm that Premier Music International Limited was placed into liquidation as part of a financial restructuring of the business,” said company spokesman Sven Parris. “The Premier brand will be carried on by the new company which will facilitate the shipment of all backorders and ensure that product supply for the future will be free-flowing.
“Many UK businesses have been impacted by recent global financial constraints and we are pleased to announce that significant UK investment has been secured to ensure the long term survival of the Premier brand.
“Premier will continue to operate sales activities through a network of specialist dealers; these dealers have been informed of the changes to the company structure and should always be the first point of contact.
“Premier’s commitment to excellence and support of the pipe band community is stronger than ever and we can look forward to the future with renewed energy and firm commitment to the many thousands of Premier players around the world.”
In May of this year long-time Premier employee and pipe band representative Jim Kilpatrick left the organization for employment with Pearl Percussion.
Premier is the manufacturer of the popular HTS-800 line of snare drums and Hosbilt series of bass and tenor instruments.