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Daily Telegraph article, 29/1/00

To: "Brass Band Mailing List" <brass-band@xxxxxxxxxxxxxxxxxx>
Subject: Daily Telegraph article, 29/1/00
From: "Alec Gallagher" <alec@xxxxxxxxxxxxxxxxxxxxxxxx>
Date: Sat, 29 Jan 2000 10:51:47 -0000
Priority: low
Reply-to: brass-band@xxxxxxxxxxxxxxxxxx

>From today's business pages, Daily Telegraph (UK)

Rising damp hits Boosey profits
By Andrew Clark



 Boosey & Hawkes



  CUSTOMERS of musical instruments maker Boosey & Hawkes have been watching
in horror as dark stains gradually appear on their trumpets and trombones
months after their purchase.

Boosey admitted yesterday that a damp problem has affected hundreds of
carefully crafted brass instruments. The issue first emerged last year but
has become much more serious than anticipated. The problem will knock more
than 1.5m off Boosey's profits, which are now likely to be little better
than last year's 6.04m.

The news sent Boosey's shares plunging 50p to 367.5p. A Boosey spokesman
said: "This is due to a slight change in the manufacturing process. When
bits of instruments were being soldered together, moisture was getting
trapped in the join."

Boosey later lacquered over the instruments to give them a shiny silver
finish. Months later, moisture has been leaking out of the join and got
stuck under the lacquer, causing unsightly stains. The spokesman said: "This
caused quite a big problem at the back end of last year. A lot of products
shifted ages before were flying back through the door."

Boosey first indicated there was a problem last spring, admitting its
euphoniums were "coming out a bit dull". At the time, chief executive
Richard Holland was grappling with a slump in Far Eastern sales and a
decline in demand for reeds.

The London-based company has had a difficult few years - it was plunged into
takeover speculation when its biggest shareholder, US-based Carl Fisher,
declared it wanted to sell out. Boosey ended up buying Carl Fisher for 33m.

The company yesterday insisted it had corrected its damp problem, with the
help of a metallurgical expert. The spokesman said: "The sound of the
instruments wasn't affected at all. But Boosey fully understands that if
you're in a band, the appearance of your instrument is important."


I like the bit about the euphoniums 'coming out a bit dull'.  All those of
you with a joke please form an orderly queue!!

Alec


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