MCD supremo Denis Desmond has acquired a stake in Setanta Records, the London-based label that's enjoyed top 20 success in the past with The Frank & Walters, The Divine Comedy and Edwyn Collins.

Talking to hotpress.com about the deal, Setanta founder and MD Keith Cullen reveals: "I've sold a minority share of my label to Denis. I'm happy that he's bought in – he's a silent partner."

In addition to his concert interests, Desmond has been the driving force behind Solid Records and a new imprint, Rubyworks, whose roster includes Susan Enan, Hothouse Flowers and Rodrigo y Gabriela.

Coupled with his buying into the Mean Fiddler Organisation, the Setanta pact suggests that Denis is determined to make his presence felt in the UK during 2004.