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Business News Live Business
Vince Power prepares to float latest festivals venture
By CMU Editorial | Published on Monday 21 March 2011
City types are expected to respond well to plans by Mean Fiddler founder Vince Power to float his festivals company, called Music Festivals, on the AIM stock exchange. Power and his advisors, Merchant Securities, are to begin meeting investors this week ahead of the planned flotation, which is expected to raise between £8 million and £9 million.
The new company will take ownership of two of Power’s current festival ventures, the established Hop Farm Festival and new Fèis event. A third classical music festival is expected to be acquired at launch, with further acquisitions planned in the next five years. The new company will be run by Power with his former Mean Fiddler colleague Jon Hale. Former Capital Radio boss David Mansfield will be Chairman.
Power is best known for building up the Mean Fiddler empire, which he sold to a JV between Live Nation (then still Clear Channel) and MCD in 2005 (the venues bit of which was subsequently acquired by HMV’s MAMA Group, while the festivals bit continues as Festival Republic).
His more recent business venture, the Vince Power Music Group, was less successful, ending in administration, however it did not involve festivals, still a growth market in the UK, and one in which the City sees Power as a dependable, experienced player.
