MBW understands that acquisitive UK-based music company Sixth PLC has raised an unconditional £20m debt facility from an Asian investment bank.
We’ve been told that the company is looking at securing a variety of different sources of funding, with an IPO ultimately within its sights.
For now, though, the access to more funding is likely to help boost Sixth founder Dean James’s aim to swoop for businesses that have synergies with Sixth – a multi-pronged music company that focuses on live music, data analytics and artist partnerships.
Sixth was revealed in October last year by former MAMA Group boss James. It has the backing of Apeejay Surrendra, owners of Typhoo Tea in the UK and one of India’s largest conglomorates.
Said James at the time: “I’m tremendously excited to finally be able to announce Sixth; we’re building a smart new global business and are delighted to have found a partner in Apeejay Surrendra that understands our vision – it will be interesting to watch the impact a company of its type will have as a new entrant to the music business. It’s also great to welcome back Matt McCann to the music industry – the industry will be stronger with him in it.”
James has form as an entrepreneur: in 2000, he floated Mean Fiddler’s dotcom business before its eventual sale to Live Nation and Denis Desmond in 2005, serving as COO and CEO during the period.
In 2005, James co-founded and served as co-CEO of MAMA Group, a business that became one of the largest live music and artist management groups in the world, acquiring the Hammersmith Apollo and Mean Fiddler in the process.
As the sole CEO, James ran MAMA following its acquisition in 2010 by HMV, before leading a management buyout in 2012.
MBW was unable to reach James for comment regarding the £20m debt facility.Music Business Worldwide