Team Rock, the rock music media firm founded by former GMG Radio executives John Myers and Billy Anderson, has gone into administration with the loss of 73 jobs.

The venture was formed in July 2012 by former GMG Radio chief executive Myers and former GMG Radio executive board member Anderson, who subsequently bought Classic Rock and Metal Hammer from Future plc in a £10.2m deal.

It also published Prog magazine and owned the Golden Gods Awards and the Classic Rock Awards, as well as the website Team Rock.

But the company, which generated annual turnover of more than £6m, have now called in the administrators after getting into financial difficulties.

Co-founder John Myers resigned as chairman of Team Rock earlier this year

Co-founder John Myers resigned as chairman of Team Rock earlier this year

Administrators at FRP Advisory are now seeking buyers for the business’s magazine titles and other assets.

Joint administrator Tom MacLennan said the company had traded at a loss “for a significant period of time”.

He added: “The company explored every option to secure the long-term future of the business, however the constraints on the cash position of the business were such that administration was the only viable option.

“The administration presents an excellent opportunity to acquire high profile rock music titles, products and brands that have a substantial global following.

“The brands and assets could appeal to a music publishing business looking to expand its portfolio, or an entrepreneur that sees the potential for developing the brands.”

A total of 27 Lanarkshire-based staff and a further 46 in London have been made redundant. A further seven staff will be retained in the short term to assist the administrators.

Team Rock Radio launched nationally on DAB in 2013 with a number of well-known presenters before moving to an online-only station and then a presenter-free station earlier this year.

Myers resigned as chairman earlier this year.