New venture means more power to the arm of music entrepreneur

Music Festivals is a newly-formed company which will run Mr Power’s interests in the Hop Farm Music Festival, in Kent, and the Benicassim Festival, in Spain.

It is also about to stage the first ever Feis Irish Festival this weekend, in Finsbury Park, featuring Van Morrison and Bob Dylan.

The business will be floated on the alternative stock market later this month to raise funds to buy the rest of the shares in the three festivals it does not already own.

It also plans to buy the rights to two new festivals – one classical and pop – in the South-East.

The entrepreneur set up Mean Fiddler in 1982, to run some of the most popular summer festivals and venues in London.

Mr Power founded the company with one venue in Harlesden, north London. He expanded the group, buying up bars and nightclubs and it eventually encompassed high-profile events such as the Reading Festival.

He floated it on Aim in 2001 and sold it for £38m in 2005 to a consortium that included the US entertainment group, Clear Channel.

In the last decade, festivals have become big business in the UK with some 670 staged last year. Power intends to lead consolidation as well as launch new events in the UK and abroad.

The entrepreneur’s most recent venture, Vince Power Music Group, a pubs and promotions business, ended in administration.

Born in County Waterford, in Ireland, he moved to London when he was just 16, opening the first Mean Fiddler, venue in Harlesden, north-west London, in 1982.

The Pogues were among the fledgling acts who played there, while it has also played host to the likes of Johnny Cash, Eric Clapton and Roy Orbison.

Power went on to open a string of bars and clubs across London.

Mean Fiddler took a 50 per cent stake in the Reading Festival and added the likes of Glastonbury and Irish music festival The Fleadh to its events roster.

After he sold his stake in the business, he launched the Hop Farm Festival in 2008.

Mr Power is famed for his ability to attract some of the biggest names in the music industry.