The booking agency has sent a letter to its clients outlining its "financial difficulties."
Elastic Artists has the likes of Âme, Dixon, Evian Christ, Jam City and DJ Bone on its books, according to its website. A letter sent to its clients, seen by RA, says the company "is currently experiencing financial difficulties which have meant we are unable to release monies to clients for shows that have already taken place." It adds: "We are exploring options to restore the company's liquidity and to transfer the ownership of the business to a new team."
The letter goes on to say that none of Elastic Artists' "existing team of agents nor the company's management are in any way implicated in the current problems, and none were privy to the underlying options until the past few days."
This week several artists, including Eglo founder Alexander Nut and the label's Fatima, went public about their lack of payment. Alex Nut tweeted: "Can your accounts department please reply to my emails and pay me the money I am owed." RA has reached out to Elastic Artists for comment.
Excuse me @elasticartists can your accounts department please reply to my emails and pay me the money I am owed. Thank you.— Alexander Nut (@AlexanderNut) November 23, 2015