GARY BARLOW’S record label has gone bust after a string of acts signed by the star failed to set the charts alight.
The Take That singer and X Factor judge, who was awarded an OBE in November, was a founding director of Future Records in July 2009.
But despite signing up a series of highly-rated acts – including rapper Aggro Santos and Sky TV talent show winner Emma’s Imagination – the label lost £4million.
A source said: “Gary’s label wasn’t making enough money or generating any success. It’s as simple as that.
“Gary was naturally upset because he had hoped to unearth the next big thing. He had signed a few great bands who are destined for success.
“But the problem was he also had a few turkeys on the books.”
Gary said: “It’s been a very difficult decision but it came down to time. I’ve had a lot going on recently and I want to spend more time with my family.”
It is understood that current Future Records artists will be folded into the label’s parent company Universal.
Recent signings to Future include Lonsdale Boys Club and female solo artist A*M*E who was recently tipped in the Sound of 2013 poll.