June 15, 2011 15:29
Festival heavyweight Vince Power plots two more major events
In addition to this weekend's Feis, there are two new festivals on the cards
The former boss of promoters Mean Fiddler - the company behind Reading and Leeds Festivals, is floating his current business Music Festivals on the Alternative Investment Market. He aims to raise £6.5 million to drive the business forward.
Since selling Mean Fiddler he has major stakes in Kent's Hop Farm festival and Spanish event Benicassim. He now plans to expand the business further. First up is this weekend’s (June 18-19) Feis in London's Finsbury Park. The revival of the Fleadh, which Power used to run, will be headlined by Bob Dylan and Van Morrison.
Now there are plans for two more additions, a classic music festival and another, pop-focused event.
Power told BBC News: "Live events are in my blood, so when I sold Mean Fiddler, people thought I'd do something else. But I'm driven by ideas and love organising stuff… it's still a challenge."
"But that’s not the only reason. I'm a competitive person. When you come out of a big organisation like Mean Fiddler you're stripped down – apart from your knowledge."
Power pocketed £13 million for his share in the £38 million sale of Mean Fiddler in 2005. A 'non-compete' clause kept him out of the business for a period. But now he is back and expanding, he says that potential investors have been easier to attract. He said: "It's been very positive. Going back six years [it] was difficult for the city to understand music festivals. This time the focus is clearer, it's a simple story not a start up."
Festivals bring £864 million into the UK economy each year, according to figures from industry body UK Music.
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