Modal Electronics confirms insolvency and goes into administration
The company has stressed that the current ARGON8 and COBALT8 synthesisers as well as the ModalApp will “continue to play an important role in the future”.
Image: Joseph Branston/Future Publishing via Getty Images
Modal Electronics, known for its compact hardware synthesisers, has confirmed that it is insolvent and will be going into administration.
In a statement released yesterday (20 September), Modal announced that it is in the process of a “comprehensive restructuring” with the aim to “future proof” the company. However, Government records indicate that the company went into administration on 8 September 2023.
The official press release explains that all current employees of Modal Electronics will remain employed and were “involved in planning the restructuring”. The company has also stressed that the current ARGON8 and COBALT8 synthesisers as well as the MODALApp will “continue to play an important role in the future”.
“This complex restructuring process opens up unimagined opportunities for Modal Electronics to make the company more economical and even more customer-friendly,” explains Christian Stahl, temporary managing director of Modal Electronics. “We want creativity to continue in the coming years with extensive concepts for new, exciting products of musicians.”
Modal has also stressed that all current synthesisers will stay in the portfolio, and it wants to continue releasing synths in the future.
Despite the company’s determination to see the “restructuring” as a good thing, one former employee has come forward with some choice words about Modal and founder Philip Taysom.
“Apologies but this is great news,” ex-employee Finlay Shakespeare says on X. “[Founder] Philip Taysom has had this coming for a long time – compulsive liar, misogynist and outright scumbag. I’m glad I jumped ship when I did, against all of his advice that I’d never make it work.”
Apologies but this is great news.
Philip Taysom has had this coming for a long time – compulsive liar, misogynist and outright scumbag.
I’m glad I jumped ship when I did, against all of his advice that I’d never make it work 🤷♂️ https://t.co/ieEwHqOJty— Finlay Shakespeare (@FinShakespeare) September 20, 2023
While much of this is hearsay, former CEO Paula Maddox has also spoken about the difficult working environment created by Taysom, telling Focusrite that her former “business partner did not respond well to the news” of her coming out, “urging them to delay any public announcements or procedures to avoid impacting synthesiser sales”.
Model Electronics has been contacted for comment.
