"Nevertheless, we have to look forward and to this end we can confirm that the publishing of Bass Guitar Magazine, Acoustic Magazine and Drummer Magazine, titles owned by Oyster House Events Ltd, will continue. Our dedicated team are united in their determination to ensure that these excellent titles will not only remain but push ahead in both print, digital and iTune app formats. A new company, Green Chilli Media Ltd, has been formed and assigned the new publishing contract for the three titles from this point forward."

Hugo Montgomery-Swan attributea the firm's difficulties to a number of factors including diminishing revenue streams and debts unearthed following the closure of the Ely office and the Drummer and Guitar Buyer administration passing to the Devon office. He says:

"In a scenario of this type, try as we might, there are going to be people who lose money. But nobody loses more than I do in this situation. This is my business, that my wife and I have struggled and worked hard to build up over the years."

As a result of the reorganisation, there have been six redundancies from the Oyster House team.