The Irish have always considered music, particularly live music, an essential, and as we know they have carried this with them wherever they went in the world. London was no different, the men who came to work building and re-building the City expected their entertainment, and this wasn’t just a drink, they and their wives wanted to hear music and to dance, in the early part of the last century dance-halls were built by the Irish community and entrepreneurs to accommodate them, and many of these buildings evolved in to today’s music venues. Vince Power carried on the tradition when he pretty much hand built the original Mean Fiddler, in Harlesden, North West London. Things have moved on a lot since then, the Mean Fiddler Group have extensive interests, and now it is another Irish impresario that Power has turned to for the future development of the Company, bringing together two of the leading Irish businessmen in the music industry.

A press release from the Company announces that: Mean Fiddler has been notified that, on 5 December 2003, Chairman Vince Power, through his trusts, sold 10,000,000 Ordinary Shares of 10p each at 46¼ pence per share for cash in Mean Fiddler Music Group Plc. This sale represents 16.21% of the issued share capital.

The purchaser is MCD Production Limited (“MCD”), a company established for over twenty-five years and controlled by Denis Desmond who is Ireland’s leading live music venue owner and outdoor music festival promoter. Mr Desmond has accepted an invitation to join the Board of Mean Fiddler as soon as formalities are completed

Denis Desmond’s MCD Production empire owns five music sites in Dublin, including the Olympia, The Point and the Ambassador, and has organised major concerts in the country, including the recent Robbie Williams concert at Slane Castle, which attracted 80,000 people. His English based interests in The McKenzie Group (MKG) include stakes in the Shepherds Bush Empire and Brixton Academy and Carling Academy venues in Birmingham, Bristol, Glasgow, Liverpool and Islington and the V Festival. In Scotland he has an interest in the T in The Park Festival. Mr Desmond has acquired the stake for £4.6m at a price per share more than 50 per cent higher than the previous day’s closing price.

The deal brings together two of Ireland's most high profile entertainment industry businessmen. Power's stake in Mean Fiddler - which is involved in the Reading, Leeds and Glastonbury festivals - falls to 35 per cent. Through his personal holding and his various trusts retains 21,524,240 Ordinary Shares of 10p each in Mean Fiddler representing 34.9% of the issued share capital.

A statement from Power said: “We are very pleased to welcome MCD as a major shareholder in Mean Fiddler. I have known Denis for over twenty years and have always respected him as a competitor. Together we can work to deliver value to Mean Fiddler shareholders through increased bargaining power with both artists and suppliers.

 

Desmond’s interests in the Shepherds Bush Empire, Brixton Academy and the V festivals complements our activities with the Astoria, Forum and Reading, Leeds and Glastonbury festivals perfectly and gives us a very strong position in the market.

MCD’s share purchase at 46¼ pence per share also demonstrates how undervalued the shares are in the market. I look forward to working, with Denis’s help and support, to consolidate our leading position in the British Isles and to developing the business internationally. I have thought long and hard about giving up majority control of the Group that I founded, but this deal is unquestionably the right one for the future of Mean Fiddler. I remain fully committed to the group and will continue to focus all my energy on increasing the value of my remaining shareholding along with that of every other shareholder.”

As Vip News readers will have noted from Manfred Tari’s regular shares reports, Mean Fiddler’s have risen this year thanks to successful good attendances at their festivals and tour promoting, most recently with a sell out 2003/2004 tour with US superstar Justin Timberlake in the UK selling over 500,000 tickets at an average price of £25.00.

Denis Desmond, founder and owner of MCD, said: “This is tremendous news for both MCD and Mean Fiddler as we will be able to scale our businesses to take advantage of the significant opportunities in the live music market. As a committed long-term investor, we will have the ability to cross market our various leading venues and festivals. I am delighted to have acquired a significant stake in a Group as important as Mean Fiddler.”

Mean Fiddler Music Group plc

The Mean Fiddler Group was established by Vince Power in 1982, and developed to become one of the leading Music Festival, International Touring and Live Music Venue promoter in the UK, owning such famous venues as The Jazz Café, The Astoria, The Mean Fiddler, The Forum and now the recently acquired 275 capacity he Borderline. MFMG promote festivals such as Reading, Leeds, the Fleadh (UK & US) and Homelands. This summer’s Reading and Leeds three-day rock festivals sold in excess of 120,000 tickets at £95 per ticket. The Group also has a 24% interest in the Glastonbury Festival rising to 32% in 2004 and 40% in 2005. This year the festival sold out with 115,000 tickets sold at £105 each

Mean Fiddler has acquired stakes in two high profile European live music festivals. Bizarre is a German festival based in Bonn and Doctor Music is a major annual festival held near Barcelona.

Currently Mean Fiddler claim a customer base standing at 5 million people, attending venues and festivals annually.