LONDON (CelebrityAccess MediaWire) — UK festival impresario and Mean Fiddler founder Vince Power is planning to launch a public offering for Musical Festivals, the company behind festivals such as Benicàssim in Spain and The Hop Farm event.
Music Festivals will be listed in April 2011 on Alternative Investment Market (AIM) a sub-market of the London Stock Exchange that is geared towards smaller companies looking to float shares with less of a regulatory burden. According to the Guardian, Power is looking to raise a minimum of £3m in the public offering that would then be used to acquire smaller festivals, both in the U.K. and abroad.
This isn't Power's first experience with public offerings. He took his venue management and festival company Mean Fiddler public on AIM before subsequently selling it to a partnership between Live Nation and Irish promoter Gaiety Investments for £38m.
Power's more recent venture, the Vince Power Music Group went into administration last year costing costing Power a reported £7.9m, but was eventually reacquired by Power for £600,000.
Power also recently announced the launch of a new London festival, the Irish-tinged 'London Feis'. The three-stage event is set for June 18th in Finsbury Park and will feature headliners in rock, folk & pop alongside the cream of Irish music talent today. – CelebrityAccess Staff Writers