Aztec Music, located in Melbourne, which was put into receivership in March, has been purchased yesterday by a group of investors led by Paul Dainty. The purchase saved the record label from liquidation. After the purchase, Dainty announced: “Aztec Music has left an indelible mark on the Australian music scene. The new team looks forward to continuing the tradition through the reissue of classic Australian albums and the importation of rare and highly collectible compilations from overseas.”
The label started to spiral to receivership after losing over $350,000 when music stores and their distributors started to close down. The loss was too much and the bank withdrew their financial support and they went into receivership.
Aztec Music was formed by Ted Lethborg and Gil Matthews, former drummer for the Aztecs. They specialised in re-releasing Australian albums that had fallen out of print, and importing vinyls for retailers. Lethborg will still be able to head-up the label after the purchase by Dainty.
