SANCTUARY REMAINS INDIE - FOR NOW

Despite a panicky period of issuing more profit warnings than hit albums, the label and management indie group Sanctuary has announced that it's no longer looking for a buy-out partner. The stock exchange reacted to the news that possible tie-ups with EMI and Warners had been ruled out by rushing to offload more stock in the company.

Sanctuary - home to the likes of Elton John, Axl Rose and Morrissey - is heading towards making a loss this year and plans to try and salvage things by "cutting costs." There may be one or two names on their books who will be running a grubby finger round the inside of their sweaty collars tonight.

Sanctuary had got itself the reputation as being like the RSPCA's home - all manner of old bands who had nowhere else to go found comfort, warmth and shelter there. The lack of a hook-up with one of the majors means that the label will now be looking to keep bankers happy - and that might mean one or two old faithfuls being put out of their misery.

music morrissey sanctuary axl rose elton john