Fiddler's music boss makes a mean £13m

THE company behind some of London's most iconic music venues has been sold, making its founder a multi-millionaire. Mean Fiddler, which owns the London Astoria, Reading Festival and co-owns the Glastonbury Festival, has been sold to an American-Irish consortium for £37.9m.

Its founder, Vince Power, is set to pocket £13m for his 35% stake in the music promotions firm.

Power, who set up the company more than 20 years ago with the original Mean Fiddler pub in Harlesden, north west London, has sold the company to investor group Hamsard led by Irish entrepreneur Denis Desmond and US music venue group Clear Channel.

The Mean Fiddler pub gained notoriety in the music industry during the early Eighties as a place for breaking new acts such as The Pogues, Kirsty McColl and Lloyd Cole and the Commotions.

But it was in big pop events and promotions where Irish-born Power, 57, made his fortune. Mean Fiddler owns the Reading, Leeds and Homelands Festivals, the London Fleadh and also has a stake in the V Festival and Glastonbury.

Venues such as the Garage, the Jazz Cafe, Clapham Grand and Kentish Town Forum also fall into the Mean Fiddler empire which now employs 300 people and turned over £44.1m in 2004. It also jointly owns the Shepherd's Bush Empire and Brixton Academy after striking a deal with Desmond's Gaiety Investments in 2003.

Last year Mean Fiddler promoted tours by acts including New York hit band Scissor Sisters and rapper 50 Cent. Kylie Minogue has played at its venues along with The Who and Blue.

Hamsard, which already owns a quarter of Mean Fiddler's shares, said the UK firm was 'highly complementary' to its existing business. A Hamsard spokesman said: 'Following the acquisition, the Mean Fiddler group will continue to pursue a strategy of delivering world-class event promotion and event management both through its festivals and music businesses in the UK.'

The news comes after a turbulent six months for the music promotions firm which had ousted its chief executive, seen its shares plummet by 20%, posted operating losses of £500,000, and failed to widen its internet music service after abandoning its bid to buy Media Internet Telecom firm.

Despite its troubles, Mean Fiddler has had an almost meteoric rise in the country's music promotions industry, despite building up losses of £12.6m in its 20-year history.

One of 11 children, Power has over the years amassed three wives, eight children and seven grandchildren. He still owns bars and restaurants in Berkeley Square and Piccadilly and is thought to be looking at opening in Paris and further afield.