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Carling Academy plan for steady expansion.(News)

Music Week

| September 04, 2004 | COPYRIGHT 2004 UBM Information Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The Carling Academy chain is to enter a new phase of expansion, after chief executive John Northcote led a 33.5m [pounds sterling] management buy-out of the live music venue operator McKenzie Group (MKG).

Northcote is being backed in the move by Royal London Private Equity, which takes a 52% stake in the new venture and provides the financial muscle to continue rolling out new venues at the rate of two every three years.

The move also sees former McKenzie shareholders brewer Charles Wells and non-executive chairman Ian Howard relinquish their combined 66% stakeholding, with Northcote and his management team--including finance director Patrick Marling and operations director Steve Forster--sharing 12%.

Existing promoter investors Bob Angus at Metropolis Music, Simon Moran at SJM Concerts and Dennis Desmond at MCD Productions retain a combined 36% stake of the company.

Northcote says his strategy of ...

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