The management of Professional Music Technology (PMT), whose Oxford store relocated to bigger premises in Cowley Road in 2017, has completed a buyout of the business.
David Black, who first joined PMT 18 years ago, is managing director of the new venture.
He is supported in the buyout by commercial director Carly Scott and operations director Andrew Ball, both of whom have worked for the company for several years.
Finance was provided by YFM Equity Partners and the founders Simon Gilson and Terry Hope, who will support the management team as advisors.
PMT has 15 stores across the UK, an online presence through www.pmtonline.co.uk and a click-and-collect centre. It achieves sales in excess of £40m and employs more than 200 staff.
According to Ibis World’s research, UK musical instrument sales have grown at two per cent a year since 2014 and are expected to reach around £440m in 2019. The industry includes sales of musical instruments, audio recording equipment, amplification and DJ equipment, accessories and other products and services.
Although online retailers have made inroads, it seems trying out instruments and receiving advice from knowledgeable sources within stores has maintained the viability of well-run bricks and mortar retailers.
PMT’s management team says it plans to take advantage of continued strong demand for musical instruments and pro-audio products and will focus on the ‘selective opening of new stores and further development of its multi-channel proposition’.