Ingenious Media lines its festivals up for market

Click to follow

Patrick McKenna's Ingenious Media, which finances Britain's showbusiness elite, is set to offload some of its festival businesses this autumn.

AIM-listed Ingenious owns a string of ventures, ranging from the dance festival Creamfields, and Field Day in Victoria Park, east London (where the singer Anna Calvi – pictured right – performed last weekend), to food fests such as Taste.

Paul Bedford, the company's investment director, confirmed plans for the sale: "We create or work with brands that we can build and roll out around the world, and then we either sell our investment to our partner or sell to a third party."

Earlier this month, two veteran organisers warned that the UK festival market was becoming overcrowded and that ticket sales had been slower than in previous years. But Ingenious's festivals business has been growing. Last week, its 80s Rewind in Henley sold out, and it is launching a new festival in Brighton in September, called Shakedown.

To date, Ingenious has raised £60m to invest in the live and entertainments sector. The company is also set to launch funds to invest in a range of businesses outside the events sector. It has confirmed interests in computer games development businesses, hotels and restaurants, and a renewable energy fund.