Blinkbox Music: Blinkbox Music up for sale again as it goes into administration

Blinkbox Music is up for sale again, after going into administration. The streaming service was bought by Guvera in January, but 'significant financial pressure' has led to the company appointing Finbarr O'Connell and Adam Stephens at Smith & Williamson as joint administrators. O'Connell, joint administrator, said: "The company has faced significant financial pressure in recent months, since its acquisition by the Guvera group. This is a highly competitive industry and despite an active user base the business has continued to struggle financially."It has sought to undertake a financial restructuring, and has reduced staff numbers. However, these financial pressures have continued to grow, and the company's director, after trying to achieve a quick sale of the company/business, was faced with little choice but to place the company into administration."Stephens, joint administrator added: "We are currently retaining the company's Oxford based staff while we search for a buyer. We expect to undertake an accelerated sales process and are trying to work with all stakeholders to preserve value in the business."