Power To Float Music Festivals

Vince Power is expected to float Music Festivals on the London Stock Exchange’s alternative investment market some time in April.

Reports in The Observer and Daily Express say chief exec Power and finance director Jon Hale are hoping to raise £3 million toward buying fledgling festivals in the UK and overseas.

The Sunday Times broke the story a month ago and said Music Festivals, which is owned by Power, fellow Irish promoter Denis Desmond, The Workers Beer Company and the other private investors, turned to Merchant Securities to take the company to the market. The Times story suggested Merchant would be looking to raise something closer to £10 million.

The exact shareholding of Music Festivals isn’t known but Power is believed to own a large part of Spain’s Benicassim Festival and a majority share in the UK’s Hop Farm.

In 2001 he floated Mean Fiddler on the alternative investment market and in 2005 sold it for £39 million to a new company launched by Desmond and what’s now Live Nation.

Power reportedly pocketed £13 million from the deal and lost nearly £8 million of it on his music promotions and pubs business, which went into administration last year.

He subsequently bought it back from the administrator for £600,000.