Mean Fiddler snaps up nightclubs

12 April 2012

PROMOTIONS group Mean Fiddler is to buy Finlaw 279, owner of three nightclubs in Nottingham, Glasgow and Coatbridge, in a £2m deal. It will see Mean Fiddler, which promotes events such as the Reading and Homelands festivals, take over the clubs Media in Nottingham, Tunnel in Glasgow and Universe in Coatbridge near Glasgow. The three venues generated operating profits of just more than £1m in the year ended March 2001.

Harry Lambert of Finlaw, the former chairman and chief executive of regional newspaper company Adscene, will join Mean Fiddler as a non-executive director.

Vince Power, chairman of Mean Fiddler, said: 'I am very pleased to have such a successful media man as Harry Lambert joining our board. His expertise in founding and creating a hugely successful media business will be of enormous benefit to the group.'

Under the deal, Mean Fiddler will pay for Finlaw by issuing a convertible loan note for £2m, convertible into ordinary shares at 50p a share. It will also take on £2.4m bank debt. Shares in Mean Fiddler soared 14% to 32p.

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