Power's festivals group lists on Aim

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The Independent Online

Music Festivals, the new venture set up by Vince Power, the man behind the Mean Fiddler venue chain, fell slightly on its first day of trading on London's growth market yesterday.

The company raised £6.5m following its flotation on the Alternative Investment Market. The shares opened at 67.5p in the morning only to fall over 1 per cent to close at 66.5p.

Mr Power said the listing was the first quoted pure music festivals business on the market and "will give everyone the chance to own a part of the thriving live music industry".

The funds will be used to buy the rights to five festivals today, including Hop Farm and Benicassim, the company said in its statement to the market.