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