MUSIC promoter Mean Fiddler yesterday pledged to expand its core businesses after securing a £3.1m windfall from two separate sources.
The London-based company's cash boost came from the sale of its AM radio station Mean Country and a compensation agreement with Islington Council in London.
Mean Fiddler, which promotes leading music festivals as well as acts as an international touring and live music venue promoter, said the proceeds would be used to strengthen the business.
A spokesman said future possibilities included extra tour dates for its artists in Europe, more of its branded music venues and the promotion of additional festivals.
In a trading statement the group said it had sold Mean Country for £1.5m to Sunrise and agreed a £1.6m settlement with Islington Council over the compulsory purchase of The Complex - a live music venue - in 2000.
It had initially rejected the local authority's offer of £60,000, taking legal action before finally reaching an agreement.
Other less profitable parts of the company, including several non-music bars, have also been sold off.
Mean Fiddler's interim results, which will be published at the end of the month, will be in line with group expectations, yesterday's trading update added.
Earlier this year Mean Fiddler announced pre-tax losses of £8.3m for 2002 but said this year's second-half figures were looking better as it had promoted several "very successful" festivals this summer, including Reading, Leeds and the sell-out Glastonbury.
In line with its European expansion plans Mean Fiddler has acquired stakes in two high profile live music festivals - Bizarre in Germany and the annual Doctor Music near Barcelona.
US pop star Justin Timberlake's UK tour has proved to be profitable for the group with over 500,000 tickets sold. Shares in Mean Fiddler surged 20pc to 23.75p following the update.
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