NRFGNorthern Rock Festival Group (UK)
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NRFG spent pounds 250,000 turning the basement of the Millburn Centre in Royston, Glasgow, into studio space.
NRFG boss Hugh O'Hagan said: "It is sickening, we just can't afford to pay the rent.
Mr Conway said: "Over a year ago, we agreed to reduce NRFG's payments to around pounds 17,000 a year because they were in financial difficulty.