Beggars Group has confirmed that ownership of the UK-based indie music company was transferred to a trust in October 2024, a strategic move designed to “preserve the company’s independence”.
The company has, for many years, been owned by its Chairman, Martin Mills, but, as first reported by MBW yesterday (December 16), newly filed documents with the UK’s Companies House revealed that control of the company was transferred to a trust connected to Mills, named as the MM Settlement Trust.
The company has today shed more light on the decision, telling MBW in a statement that the transfer of shares to the trust “aims to preserve the company’s independence and help to ensure continuity over future generations, in the interests of both artists and employees”.
Beggars added that the share structure of its principal UK-based entities has been adjusted accordingly, while Mills and CEO Paul Redding continue to manage the business.
The ownership restructure comes as the London-based company, which owns or co-owns labels including XL Recordings, 4AD, Rough Trade, and Matador, reported revenues of £109.9 million ($140.4 million) for 2024, up 6.5% YoY.
Commenting on the trust transfer, Redding emphasized continuity in the Group’s collaborative approach.
“Beggars’ label partnerships will be run by the Trust in the same spirit of equality and managed through the same process of consensus as has been the case for decades.”
Paul Redding, Beggars
“Beggars’ label partnerships will be run by the Trust in the same spirit of equality and managed through the same process of consensus as has been the case for decades,” he told MBW.
Mills, who founded Beggars Banquet Records in 1977, framed the move as part of a long-term vision for the company he built over nearly five decades.
“Our 49th birthday party in September was no accident of celebration,” Mills said. “It was a statement of what we have all built, and a commitment for the future.”
“Our 49th birthday party in September was no accident of celebration. It was a statement of what we have all built, and a commitment for the future.”
Martin Mills
The trust structure appears designed to protect Beggars’ fiercely defended independence from potential acquisition or outside control. In a recent interview with The Times, Mills made clear his determination to keep the company autonomous beyond his lifetime.
“This company will remain independent for a long time after me,” Mills said.
The ownership transfer coincides with other significant developments at Beggars.
In October 2024, the company acquired a majority stake in XL Recordings, paying co-owner Richard Russell £2.6 million ($3.3 million) to increase Beggars’ ownership from 50% to 51%.
XL, home to artists including Adele, The Prodigy, and Fontaines D.C., is now classified as a subsidiary of Beggars rather than a joint venture.
The Beggars roster released 32 albums in 2024, including critically acclaimed records from Adrianne Lenker, Fontaines D.C., and Peggy Gou.
The company reported operating profit of £10.5 million ($13.4 million) for 2024, up 48.6% year-on-year.
Beggars’ current and former roster includes acts such as Radiohead, The XX, Vampire Weekend, St. Vincent, and The National.
