Future Of British Business
Drum-Kit, Guitar Seller Gear4Music Suffers as U.K. Costs Crisis Hits Demand
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Gear4Music Holdings Plc plunged after the online seller of musical instruments such as guitars and drum-kits warned of weakening demand as accelerating inflation piles pressure on U.K. firms and consumers.
Shares of the York, northern-England based company fell as much as 28% after it said full-year revenue and Ebitda would be “slightly lower” than consensus expectations. The firm’s market value now stands at about 55 million pounds ($72 million).