From the administrators' statement

Background information has previously been provided to creditors in my letter dated 24 May 2011, however, for ease of reference it 1s repeated below

Enterpnses Europe was incorporated in September 1999 and set up business as an online retailer of musical instruments and other related products Mustc Retail was incorporated in December 2005 in order to establish the already existing e-business on the high street

The onset of the recession has hit the businesses This followed on from an adjustment to deal with the death of the Director’s business partner UK trade sales have fallen 20% in the last two years and there was oversupply in the industry and a need for rationalisation and consolidation The Director has been trying to effect a trade sale for nearly two years but lack of liquidity in the industry means that businesses are seeking buyers rather than acquiring

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Dolphin Music Retail Limited (05660185)

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