Music Festivals to float on Stock Exchange
Mean Fiddler founder has announced plans to float his new company, Music Festivals, with Aim listing expected to raise £20m
Mean Fiddler founder Vince Power has announced plans to float his new company, Music Festivals, on the London stock exchange where it is expected to raise between £8m and £9m.
Power founded the live music events empire Mean Fiddler in the 1980s, launching with one venue in Harlesden, north-west London. He expanded the company by acquiring bars and nightclubs before taking on larger events such as the Reading festival.
Mean Fiddler floated on Aim in 2001 and was bought for £38m in 2005 by a consortium which included the US entertainment group Clear Channel and MCD, which was later acquired by HMV’s MAMA Group.
Since selling Mean Fiddler six years ago, Power has launched the pubs and promotions business Vince Power Music Group, which ended in administration; however City fund managers have backed Power’s plan to return to the stock exchange with Music Festivals, which is currently profitable and debt-free.
The company will continue to be run by Power as chief executive, with David Mansfield from Capital Radio acting as chair. The Aim listing values Music Festivals at around £20m, and the flotation is being handled by Power and his advisors Merchant Securities.
The new floatation plans have met with positive feedback from potential investors, as festivals are still a growth market in the UK.