Bob Angus (Metropolis Music) and Simon Moran (SJM Concerts), leading promoters in the UK music industry, have also considerably increased their shareholding in Academy Music Group to forty four percent (44%), under the terms of the deal.
Academy Music Group owns and operates 12 live music venues across the UK. Its venue capacities range from 250 to 5,000 and include the multi-award winning Carling Academy Brixton (London), Shepherd's Bush Empire (London) and Carling Academy Islington (London), with further concert venues in Glasgow, Newcastle, Liverpool, Birmingham, Bristol, Oxford and Brighton.
Metropolis Music and SJM Concerts are responsible for promoting many UK and international acts including Robbie Williams, Take That, Oasis, Coldplay, The Killers and Snow Patrol, as well as collectively owning and promoting some of the biggest outdoor music events, including the annual V Festival.
The investment by LN-Gaiety Holdings provides AMG with the financial strength to accelerate its expansion of new venues, continuing its successful roll out of the Academy brand and releasing Capital into its current venue estate, thereby enhancing the live music experience for artists and customers, says AMG.
AMG CEO John Northcote comments, "LN-Gaiety Holdings are not only investing in the dynamic Academy brand but are also investing in the management team that I have built over the years, all of whom share the same pride and passion that I have for the live music industry. I have no doubt that this deal will be mutually beneficial for not only concert goers and music fans, but also the live music industry as a whole, allowing us to pursue our strategic growth for the Academy brand in locations that currently do not have an outlet for live music.
AMG's commitment to new and emerging talent will continue through its smaller venues and its in-house Academy Events promoting team, who are dedicated in giving opportunities to future new talent, which is the life blood of the music industry."
Bob Angus, managing director, Metropolis Music and Simon Moran, managing director, SJM Concerts add: "We have significantly increased our shareholding and investment in AMG. We welcome LN-Gaiety Holdings into the company and are happy that together with SJM and Metropolis, we will all have a significant input into the continued success in the development and roll-out of Academy venues across the UK."
(Jim Evans)
