Big Beat buyer abandons plan to join stock market
The Mean Fiddler Group, which has bought bar operator Big Beat Group, has abandoned plans to join the stock market through a reverse takeover.
The company, which runs music venues and festivals, originally intended to join forces with its internet company, Meanfiddler.com, which is listed on the alternative investment market (AIM).
But it was forced to abandon the takeover because of a failure to raise enough funds to support the enlarged group.
It launched a share issue to bring in £5m, but on August 22 it revealed that only £3.9m had been pledged by investors.
The cash was earmarked for rolling out the Mean Fiddler Group's brands abroad, such as its Jazz Café and Mean Fiddler venues.
Mean Fiddler has won the contract to run the 21 bars, restaurants and clubs formerly owned by the Glasgow-based Big Beat Group.
Mean Fiddler's founder Vince Power was part of a consortium which agreed to buy Big Beat, which went into liquidation in April, for an estimated £20m.
Mr Power is confident that he will raise enough cash from private investors in the future for developing the bar, club and music brands, although he is likely to consider a separate flotation for the main Mean Fiddler Group instead.
The company, which he founded 19 years ago, runs the Fleadh, Homelands and Reading festivals. Its national portfolio of venues include the Jazz Café and Mean Fiddler in North London, and the Astoria in London's West End.
Meanfiddler.com provides online ticket ordering and web broadcasts of Mean Fiddler concerts.
Related stories:
Big Beat pubs to be run by Mean Fiddler Group (August 20, 2001)
