London record label Fortuna Pop! is set to close after 20 years.
The decision was announced in the Indietracks festival programme last weekend.
Founder Sean Price stated: “Nothing lasts forever – after 20, 200 releases, a mountain of debt, and very little sleep, Fortuna Pop! Is drawing to a close – so for now let’s dance and drink and dream.”
Founded in 1995, the label was celebrated for championing new indie music. It’s latest roster of acts included Joanna Gruesome, Flowers and Milky Wimpshake.
Fans and artists have been paying tribute online. The Cribs tweeted: “A sad day to hear @fortunapop will be no more. They have been a consistent presence in our lives stretching way back before the band.”
The Pastels also expressed their sadness, posting a track by Comet Gain. They wrote: “Thanks to @fortunapop for putting records like this into the world. Going to miss you.”
A sad day to hear that @fortunapop will be no more. They have been a consistent presence in our lives stretching way back before the band
— The Cribs (@thecribs) August 1, 2016
— the pastels (@pastels_the) July 31, 2016
Price told the NME of the journey: “To quote from Malcolm McLaren’s headstone, it’s better to be a magnificent failure than a benign success. I got to work with a bunch of amazing, talented people and get drunk with them in various places around the world.”
Meanwhile, The Cribs and The Jesus And Mary Chain are set to headline the return of London’s 1-2-3-4 Festival.
The event began in 2007 and ran until 2012 before going on hiatus. It will hold its first edition in four years at Three Mill Islands in Bow, East London on September 3.