It is notable that all of the venues sold under the deal – London Borderline (300 capacity), Jazz Café (300), The Garage (500), the Harlesden Mean Fiddler (1,000), G-A-Y Bar (310) and G-A-Y Late Club (300) – all have a capacity of 1,000 or less.
The relatively low price reflects the fact that The Garage and Harlesden Mean Fiddler have been shut for one and five years respectively and require major refurbishment.
Operating from hereon under the Festival Republic banner, Desmond and his Live Nation partners have, however, held on to their other London venues, the Astoria and Astoria 2, and such high-profile festivals as Reading, Leeds, Latitude, Rise and the Fleadh. They also retain an interest in Glastonbury, the operation of which they acquired from original Mean Fiddler owner Vince Power in 2005.
In addition to its Fiddler acquisitions, MAMA looks after the management of such high profile acts as Franz Ferdinand and Kaiser Chiefs; has an interest in the Lovebox festival, which recently made its Irish bow at Malahide Castle; owns the Barfly chain of venues; and in June bought the Hammersmith Apollo and Kentish Town Forum from Live Nation for £13 million, after their sale was ordered by the UK Competition Commission.
Talking to Hotpress, a well-placed industry source insists that the deal will not see any diminution in the drive by Live Nation and Desmond to control as big a slice of the UK industry as possible.
“By selling six of their smaller venues,” the insider comments, “it leaves Festival Republic free to step up their interest in acquiring a controlling share in the Academy Music Group – another deal that might previously have fallen foul of the Competition Commission.”
Desmond was recently involved in a major controversy in Ireland when the MCD promoted Barbra Streisand concert at Castletown House in Kildare descended into organisational chaos.