Lloyds Trying To Sell Its MAMA?

UK music biz weekly Music Week says Lloyds Development Capital, the investment wing of Lloyds Banking Group that paid HMV £7.3 million for MAMA Group in December 2012, has called in global business advisers AlixPartners to sift through the bids.

It’s only a couple of months since Music Business Worldwide was saying that Lloyds was “mulling over at least two bids for the company,” but there have been no subsequent reports on whether those bids have developed.

Having just shelled out more than £300 million for Birmingham’s NEC Group, it may be that Lloyds is now keen to attract interest in MAMA. Its two years of ownership have seen it fall out with co-founder and former chief exec Dean James, after backing his £7.3 million management buyout of the company, and replacing him with former commercial director Rory Bett.

James has since returned to the music business via Sixth Plc, an acquisition-hungry company backed by Indian multinational Apeejay Surrendra and billing itself as “the Live Nation for the mid-market”. In January it was reported to have agreed a debt facility of £20 million with an Asian investment bank, which caused a ripple of speculation that Sixth Plc. could be behind one of the offers for MAMA.

The MAMA package includes a venue portfolio made up of such London buildings as the Hoxton Square Bar & Kitchen, The Forum, The Garage, The Jazz Cafe, The Borderline and The Barfly. It also has Manchester Ritz, Birmingham’s The Institute and Arts Club Liverpool. Its festivals and events include Lovebox, Wilderness, Global Gathering and The Great Escape.