One step beyond: Madness find liberty in record deal

Madness, the hit ska band, have signed a deal to launch their 30th anniversary album, 'The Liberty of Norton Folgate', with Power Amp, a music investment fund.

Power Amp is backed by Pierre Lagrange, the founder of the hedge fund group GLG. Run by industry guru Jazz Summers and Tom Bywater, a former Citigroup private banker, it was launched this year to specialise in funding artists disenchanted with traditional labels.

Garry Blackburn of Anglo Management, which co-manages Madness (whose frontman, Suggs, is pictured above), said: "Through this agreement, the band feel they stand to receive a much fairer share of the revenue they generate."

Mr Summers added: "We hope to tap into people's unhappiness."