Alan McGee Buys Back Poptones For Gbp125 June 2003
Alan McGee Buys Back Poptones For Gbp1
Pop mogul Alan Mcgee has bought back the record company that was once valued at $27.2 million (GBP17 million) on the stock market - for just $1.60 (GBP1).
POPTONES was failing to make money so Alan - the man who discovered rock badboys OASIS - has taken it off the British stock exchange by buying it back from shareholders for the paltry price.
Alan says, "We sold 370,000 records in two years, a good start for a record label.
"Only as a public company, where instant profits are everything it has not worked, and that's why I'm taking it private."25/06/2003 14:07
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