Mean Fiddler king takes a back seat

VINCE POWER, the driving force behind the Glastonbury and Reading festivals and a host of London live jazz and rock venues, has stepped down as chairman of his Mean Fiddler Music empire and sold his entire 35% stake in the business for £12m.

The impresario, 57, who only weeks ago was claiming he had no plans to retire, is essentially taking a back seat in the business he has run for 23 years. While he will take on the non-executive role of director of festivals, a spokesman said he was essentially retiring.

Power is cashing in his chips as part of a deal under which the company is buying a media technology company that handles the financial transaction when music lovers buy and download music content over the internet.

Media Internet Telecom is 100-owned by former Cable & Wireless executive Richard Clingen, who will take Power's place as chairman.

As part of the takeover, it has raised £5.6m in a placing to fund the takeover and develop its media division. Power's fellow long-term executive Harry Lambert has also sold his stake, selling 4.8m shares for £2.6m.

While Mean Fiddler now dominates British festivals, its main growth area is seen as selling digital downloads from its concerts.

In the six months to 30 June, the group made a £1.5m loss, narrowing the £3.2m deficit for the previous year.

The company makes most of its money in the second half of the year when it gets revenues from the Reading and Leeds festivals.