Boosey tunes in to break-up

MUSIC group Boosey & Hawkes is near break-up, and considering offers for its main activities of publishing and instrument-making. Talks with a number of bidders for the publishing division, which holds rights to Bartok, Rachmaninov, Stravinsky and other composers are in 'the final stages', chief executive Richard Holland said. Indicative offers for the instruments business have been narrowed down to one prospective buyer, he added.

Boosey is still ex-dividend but pre-tax profit for the year to 31 December rose 7.6% to £4.7m before exceptional profit on property sales, and was up £8m after exceptionals.

Earnings per share, at 24.5p, replace a loss of 82.3p. Boosey put itself up for sale after accounting irregularities in its US businesses drove it into a £14.4m loss.