Business Irish

Monday 22 January 2018

Desmond's firm buys back €5m stake in live music empire

Nick Webb

Nick Webb

WHILE Oxegen may have been cancelled and Glastonbury is taking a breather for 2012, MCD's Denis Desmond is still cranking up the volume at his live music empire.

Mr Desmond and his wife Caroline Downey are the only shareholders in a company called Romnall, which has just spent €5m buying back a special class of redeemable shares as part of an "internal tidying up of shareholdings".

With a string of venues, music festivals and concert deals, MCD is one of the principal live music businesses in Ireland and the UK. MCD shows this year will range from punk band Blink 182 and Van Morrison to Cirque du Soleil and Peppa Pig's Treasure Hunt.

Mr Desmond, former 'Ents Officer' at Queen's University, Belfast, also owns stakes in Abrakebabra, Yo Sushi and Bagel Factory as well as a chunk of Setanta.

The impresario's fast growing MCD has been linked with a move for HMV's LIVE business, which was put up for sale earlier this month.

Sunday Indo Business

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