Dublin label Richter Collective will close at the end of the year according to reports.

The independent imprint, home to the likes of And So I Watch You From Afar, Adebishi Shank, Not Squares, Jogging, The Continuous Battle of Order and Squarehead have released a statement on their blog detailing the reasons behind the decision.

It states.."In a nutshell it’s a decision that’s part based on money and part based on not wanting to compromise on the vision we had for the label when we started. It’s become increasingly difficult to apply new ideas within the constructs of a “traditional label” model and our label still falls within that remit. Instead of being doom and gloom about this decision we would like to take this opportunity to thank everyone who has helped us along our journey, especially the amazing bands and artists we have had the pleasure to work with."

Several acts on the label have already been expressing their dismay at the news via twitter and facebook.

The news comes as another blow to independent irish music in the wake of various venues closing their doors in the past year.

Across the Line would like to place on record our sincere thanks for the great music that the Richter stable has been responsible for and their commitment and passion for new Irish music.