James Delahunty
14 Aug 2011 7:59
Sony DADC burned in fire impacted smaller independent labels in UK.
So far, more than £100,000 has been made available in interest-free loans to Indie labels in the UK affected by the arson attack on the distribution center in Enfield earlier this week.
"The BPI is founded on the principle that majors and indies should work together and that a vibrant independent sector benefits the recorded music business as a whole," said Geoff Taylor, Chief Executive of BPI.
"For that reason, I am delighted that independent and major members of BPI are showing their solidarity by creating a growing fund to assist indie labels that experience financial difficulties as a result of destruction of stock in the Sony DADC warehouse"
The fund is comprised of cash put up by individual BPI members, which includes scores of Independent labels as well as the usual suspects in the business, and also from BPI's own commercial revenues.