ALAN McGEE was the toast of the traders today (August 8) when he stepped on to the floor of the LONDON STOCK EXCHANGE to be presented with a plaque to mark his successful floatation of his newly set-upPoptones record label.
The company’s shares jumped by 37.5% after floating at 2p on the Stock Market, and raised just over #2 million for the company, which McGee has vowed he will plough back into signing new talent.
According to news agency Reuters, he plans to use the cash to sign new bands, and said: “I’m not anti-commercial. I like selling lots of records.” He also said: “I want to create a brand that’s got credibility, an epitome of coolness with punk-rock attitude.
“I have punk rock running through my blood. Punk rock was never about losing, it was about winning. It I can pull money from the City to do good things then that’s got to be applauded.” McGee founded Creation in 1983 with a bank loan of #1,000. The single that first brought the label to national attention was The Jesus And Mary Chain‘s ‘Upside Down’ in 1984. McGee went on to release influential and seminal albums from artists as diverse as My Bloody Valentine, Teenage Fanclub, Primal Scream and Super Furry Animals.
Sony bought a 49% stake in the company for $5.6 million in 1992 when it was on the brink of financial ruin, and in 1994 McGee unleashed his latest protigis Oasis‘ debut single ‘Supersonic’ on an unsuspecting world – which went on to buy 30 million of the band’s albums.
He announced at the end of last year that he would close the doors on Creation and set up the new Poptones label, which he has promised will place emphasis on the Internet. One of his early plans is to sell CDs on the Net for #9.99.
Artists who have been tipped to sign with the label include ex-Elastica guitarist Donna Matthews, Beta Band rapper Sean Revron and Hurricane #1 singer Alex Lowe.