Mean Fiddler boss Power steps down

The Irish founder of music promoter Mean Fiddler stepped down as chairman today after selling his 35% stake in the company for almost £12m (€17.5m).

Vince Power, aged 57, who grew the business from a small venue in north London to a vendor of tickets for Glastonbury, Leeds and Reading festivals, will be replaced by the 39-year-old chairman of Media Internet Telecom, whose acquisition by Mean Fiddler will give the group a bigger foothold in the lucrative download market.

The moves came as the London-based company revealed it had halved first half losses after promoting sell-out shows for music stars Britney Spears and Usher.

A spokesman said Mr Power had made the decision to step down after 23 years, and added that he would now develop the festivals side of the business as a non-executive director.

Shares rose 10% or 5p to 54.5p.