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John Myatt Woodwind & Brass in administration

Andy Barrett Apr 17 2008, 2:00pm

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Hitchin store still has options for continuation

The John Myatt Woodwind & Brass retail outlet in Hitchin, Herfordshire is now in administration following several months of trading below budgeted figures.

The news comes as no surprise in the present economic climate in the sphere of UK retail, but is all the more disturbing due to the prestigious reputation of the shop and the reports of some degree of buoyancy in the brass, woodwind and saxophone markets, particularly around student instruments and high end models.

Myatts went into administration at the end of February this year with the company originally aiming to negotiate a corporate voluntary arrangement (CVA) and continue trading as Myatt Music Ltd, although the business’ owner, Peter Myatt told MI Pro that this was looking increasingly unlikely. “The current aim is to set up a new company to take over the assets, although this will very likely mean that debts would be written off.”

Peter Myatt put the store’s collapse down to a number of factors, but acknowledged from the first that his company had been “slow to adapt to a rapidly changing market.

“There are numerous other factors, however,” he continued. “The influence of the internet and the low margins that are being achieved there, the general tightening of margins in the business as a whole, and the change in the student market, which has turned towards low-priced instruments of dubious quality. In the end it comes down to sales and the sharp downturn we have experienced came as a real surprise to us.”

Myatt said he is hoping very much to be able to continue the shop, but concedes that it will be a significantly different business to the current model, while holding on to the best elements that have gained the store its high reputation.