Rolling in the cash: Adele label’s owners pay themselves £24m
XL Recordings founders Richard Russell and partner Martin Mill's counts Radiohead, The Prodigy and Jack White as well as Adele to their name
Friday 11 October 2013
The owners of Adele's record label have cashed in on the Tottenham singer's record-breaking success by paying themseles a £24 million dividend.
Accounts for XL Recordings show founder Richard Russell and business partner Martin Mills’ Beggars Group each collected £12 million in April.
Ladbroke Grove-based XL is home to Radiohead, The Prodigy, Jack White and rising Peckham rap singer King Krule but Adele remains the star performer, despite not releasing an album since 21, featuring hit single Rolling in the Deep, in 2011.
“Back-catalogue sales of Adele continued to account for a significant proportion of the sales and profit,” said the 2012 accounts.
Turnover fell from £111.7 million to £78.6 million, with pre-tax profit dropping to £25.4 million against £41.6 million.
XL warned of another fall this year because the Skyfall singer will not be releasing a record. The independent label was able to pay the £24 million windfall as the owners had not taken a divi since collecting £17 million in 2011.
Adele has smashed records around the world with 21, the second-best-selling studio album in British history after The Beatles’ Sergeant Pepper.
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
Poppy Appeal 2014: This is why I won't be wearing a red poppy this year
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...