KPMG has confirmed the sale of the business and assets of Dawsons Music.
Joint administrators Rick Harrison and Neil Gostelow oversaw the transaction, which saw all 75 employees transfer to the new owner.
Following the sale, the business will continue to trade through a new company, Dawsons Music & Sound Ltd., which is owned and operated by Andrew M. Oliver of Arranged Musical Options Ltd.
The music retailer, which was founded in Warrington more than 120 years ago, operates online and via six stores in Manchester, Liverpool, Chester, Leeds, Reading and Belfast.
It is known for selling a range of musical products, including acoustic, bass and electric guitars, amps and effects, as well as pianos and keyboards.
The ‘Big Four’ accountancy firm said that over the last 12 months, however, the business has experienced declining sales against the backdrop of a “highly challenging retail environment”.
With the impact of the Covid-19 pandemic placing further financial strain on the business, the directors took the “difficult decision” to appoint administrators.
Rick Harrison, partner at KPMG and joint administrator, said: “Since the outset of our appointment, we have been struck by the affection that so many people hold for this iconic retailer.
“We are therefore delighted to have been able to conclude this sale to someone well-established within the musical instrument industry, which not only ensures the Dawsons Music business will continue, but also safeguards employment for 75 members of staff. We wish the new team every success for the future.”