Sanctuary, the struggling music company, has sensationally sacked founder and chief executive Andy Taylor.

The move follows record losses at the firm, which handles artists like Morrissey, The Strokes and last weekend’s Eurovision winners, Finnish metal band Lordi.

Sanctuary said cigar-chomping Mr Taylor had been “removed as a director” for his handling of its accounts. Geordie Mr Taylor, an accountant, founded the label in 1976 with Rod Smallwood, a pal from Cambridge University.

Their first big break came when they spotted Iron Maiden — who they helped turn into one of the world’s biggest rock bands. Sanctuary has gone on to handle some of rock’s top names, including Led Zeppelin’s Jimmy Page and Robert Plant.

But it was forced to write off more than £130million last year after its disastrous takeover in 2003 of Music World Entertainment.

Mr Taylor will be replaced by Frank Presland, current head of Twenty-First Artists, which Sanctuary bought last year. It provides management services to the likes of Sir Elton John and James Blunt.

Sanctuary chairman Robert Ayling said: “Frank is a hugely experienced and respected figure and knows the group well. He will help drive the business to deliver appropriate levels of performance.”

Sanctuary shares rose 1.75p to 47.5.

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