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Pias top brass plan management buyout.

Music Week

| July 07, 2001 | COPYRIGHT 2001 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

Senior executives at leading European independent music group Play It Again Sam (Pias) are negotiating to buy back the shareholding in the group that they sold to Edel just 18 months ago.

The management buyout plans, confirmed by co-founder and co-president Kenny Gates last week, are understood to be well advanced with Gates and his partner Michel Lambot expected to raise the capital required to fund the purchase of the German group's 74.9% stake within weeks.

Gates would only comment that "it feels like the right time" for the move. However, an MBO would be mutually beneficial to both groups as Edel -- currently under pressure from its bankers to service a huge debt -- needs the cash. Pias, which has operations in 15 countries including majority stakes in UK companies such as ...

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