Further update - they've definitely gone out of business.

Unfortunately, after 13 years of business BangingTunes Ltd no longer exists.

A new company has been established and will endeavour to run the site in a limited capacity, while ensuring customers with items reserved receive them.

No more vinyl will be ordered.
All out of stock items have been removed from sale.
Outstanding back orders cannot be fulfilled.
Unfortunately no refunds can be given on outstanding orders.

For customers that had items reserved, on back order, or credit available please note the following.
The company you placed your order with no longer exists and the new company has no obligation to you.
If you have items reserved please ship them before May 31st.
If you have credit available please spend it on items in stock and ship the order before May 31st.
The remaining stock may be ordered until May 31st.

The new company will continue to run the community aspects of the site, DJ Mixes & Forums, with a view to monetizing the traffic to cover the server costs.

The new company is also for sale. So if you are interested in a business with large community and 1M+ page views a month, get in touch, any offers considered.

I would like to thank all of the customers who have shopped with us over the years.
From: http://www.bangingtunes.com/forum/topic/t120074/all/

Sad news.