Power sells Mean Fiddler shares

VINCE POWER, the Waterford-born businessman, has netted nearly €18 million from the sale of his entire stake in the Mean Fiddler Music group.

The company, one of the biggest owners of live music venues and concert promoters in Britain, was built up by Mr Power over 23 years. He is stepping down as chairman, but will remain on as a non-executive director and will oversee its music festivals division.

The sale of his 35% stake came as the company announced that it was acquiring Media Internet Telecom, a British company involved in online music sales, for €8.2 million.