MCD raises stake in Fiddler

LIVE music promoter Denis Desmond of MCD has built up his stake in the Mean Fiddler to 24.3%, strengthening his links with the British-based operation.

Last September, Desmond bought €10m shares or 16.2% of the group at 46.25p from founder and latest stakeholders in the group, Vince Power of Waterford.

The share price paid to secure yesterday’s deal has not been disclosed.

Shares were bought on the open market, leaving Mr Power’s stake in the company he founded 14 years ago unchanged at 34.9%, where it stood after the first deal with Mr Desmond was completed.

Mr Power yesterday welcomed the latest move by Mr Desmond.

“I am delighted with the level of confidence in the future of Mean Fiddler that Denis’s increase in shareholding demonstrates,” he said.

Last night, a spokesman for the promoter said the strengthening of Mr Desmond’s shareholding should be seen strictly as promoting a “joint venture” partnership between both parties.

Combined, the two promoters are probably the biggest backers of live concerts, not just in Ireland and Britain, but probably in Europe.

Mean Fiddler is promoting the European tour of Britney Spears, who is to perform two concerts at Dublin’s Point Theatre in late April.

The group’s share price has climbed steadily over the past 12 months and shortly before MCD bought in, Coors sold its 8% in the business for 17p a share.

Despite its continuing expansion, however, Mean Fiddler has gone through a lean period on the earnings front.

First-half results for 2003 showed the group made a pre-tax loss of £3.16m in the six months to June 30, down 20% from the £4.14m loss for the same period in 2002.

Turnover was up marginally to £14.6m from £13.4m.

Mean Fiddler owns an impressive venue range including the Astoria.

Recently it acquired a 32% stake in the Glastonbury Festival rising to 40% in 2005.