THE world's biggest independent music label, Sanctuary, yesterday said it had sacked its chief executive over the way he handled the company's accounts.

Andy Taylor was "removed" by the Sanctuary board after an investigation into its 2005 financial statements found that mistakes had been made.

On its books, the company has stars such as Beyonce and Sir Elton John -who is due to play at the Riverside Cricket Ground, in Chester-le-Street, County Durham, on Saturday, June 10.

A statement from the company said that Frank Presland - who was once a lawyer to The Beatles -- would take the place of ousted boss Andy Taylor for the rest of the year.

Mr Presland steps up to the top job from being chief executive of Twenty-First Artists Management, the operation bought from Sir Elton and his business partners last year and which handles stars including singer James Blunt.

A solicitor specialising in music and copyright for 25 years, Mr Presland has advised household names including The Beatles and Dusty Springfield.