Latest news with #XavierNiel
Yahoo
4 days ago
- Business
- Yahoo
Nightlife crisis sees British ticket app snapped up by US rival
A major live music ticketing app has been bought by a US rival after narrowly avoiding administration, laying bare the difficulties faced by the UK's late-night sector. Dice FM, which sells tickets to concerts, nightclubs and other cultural events, has been acquired by rival platform Fever, just days after filing an official notice that it intended to appoint administrators. Companies do this when they are at risk of going bust and need protection from their creditors while they restructure their finances. A source close to the situation said Dice FM had taken the step as a precaution. The deal will mean that Dice, which runs one of the UK's biggest ticketing apps, becomes part of New York-headquartered Fever. Dice FM sells tickets as QR codes, which can be exchanged or returned through the app. Users can sync their Spotify and Apple Music accounts to the app to receive recommendations and alerts for when acts are touring. The app grew in popularity as traditional ticketing platforms faced increased scrutiny over their practices. The British company, which was founded in 2014, has raised nearly $200m (£147m) from investors in recent years. Dice FM says it charges fewer fees and does not allow for tickets to be sold on any secondary market, effectively eliminating scalping, where tickets are bought in bulk and sold on for profit. Its backers have included the investment firm Softbank, the French billionaire telecoms mogul Xavier Niel and Tony Fadell, the American engineer and businessman who became known as the 'father of the iPod' when he was a senior executive at Apple. Mr Fadell joined the board of Dice FM in 2021. Details of the deal or how much was paid for Dice FM have not been revealed. However, the signs that Dice risked administration will add fuel to growing worries over the future of Britain's late-night and cultural industries. Thousands of nightclubs and independent music venues have closed since the pandemic. This has been blamed on a combination of soaring costs, burdensome red tape and licensing laws, cost of living pressures and a growing trend for people going home early and drinking less. Ministers have said they want to slash red tape for hospitality firms and help restore Britain's diminishing nightlife. Sir Sadiq Khan has been handed fresh powers to 'call in' blocked planning applications in London, while industry chiefs are being quizzed on ways to boost the sector. Dice FM's accounts have been overdue for almost a year. It was due to file documents for the year to Dec 31 2023 by June 23 last year, according to Companies House, but never did. In 2023, the company enacted a round of lay-offs, saying at the time it had 'made the difficult decision to restructure parts of our business to ensure we can focus on our most important initiatives'. Last year, it was first reported that Dice FM was exploring a potential sale. Softbank was said to be eager to sell its stake at the time. Fever was founded in New York in 2014 and offers ticketing services in 200 cities across the world. It is the partner of many major music festivals, including Primavera Sound. Phil Hutcheon, founder and chief executive of Dice, said the deal would allow the company 'to scale even faster' and expand into new cities. The company said there would be no change to how people use the app. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
4 days ago
- Business
- Telegraph
Nightlife crisis sees British ticket app snapped up by US rival
A major live music ticketing app has been bought by a US rival after narrowly avoiding administration, laying bare the difficulties faced by the UK's late-night sector. Dice FM, which sells tickets to concerts, nightclubs and other cultural events, has been acquired by rival platform Fever, just days after filing an official notice that it intended to appoint administrators. Companies do this when they are at risk of going bust and need protection from their creditors while they restructure their finances. A source close to the situation said Dice FM had taken the step as a precaution. The deal will mean that Dice, which runs one of the UK's biggest ticketing apps, becomes part of New York-headquartered Fever. Dice FM sells tickets as QR codes, which can be exchanged or returned through the app. Users can sync their Spotify and Apple Music accounts to the app to receive recommendations and alerts for when acts are touring. The app grew in popularity as traditional ticketing platforms faced increased scrutiny over their practices. The British company, which was founded in 2014, has raised nearly $200m (£147m) from investors in recent years. Dice FM says it charges fewer fees and does not allow for tickets to be sold on any secondary market, effectively eliminating scalping, where tickets are bought in bulk and sold on for profit. Its backers have included the investment firm Softbank, the French billionaire telecoms mogul Xavier Niel and Tony Fadell, the American engineer and businessman who became known as the 'father of the iPod' when he was a senior executive at Apple. Mr Fadell joined the board of Dice FM in 2021. Details of the deal or how much was paid for Dice FM have not been revealed. However, the signs that Dice risked administration will add fuel to growing worries over the future of Britain's late-night and cultural industries. Thousands of nightclubs and independent music venues have closed since the pandemic. This has been blamed on a combination of soaring costs, burdensome red tape and licensing laws, cost of living pressures and a growing trend for people going home early and drinking less. Ministers have said they want to slash red tape for hospitality firms and help restore Britain's diminishing nightlife. Sir Sadiq Khan has been handed fresh powers to 'call in' blocked planning applications in London, while industry chiefs are being quizzed on ways to boost the sector. Dice FM's accounts have been overdue for almost a year. It was due to file documents for the year to Dec 31 2023 by June 23 last year, according to Companies House, but never did. In 2023, the company enacted a round of lay-offs, saying at the time it had 'made the difficult decision to restructure parts of our business to ensure we can focus on our most important initiatives'. Last year, it was first reported that Dice FM was exploring a potential sale. Softbank was said to be eager to sell its stake at the time. Fever was founded in New York in 2014 and offers ticketing services in 200 cities across the world. It is the partner of many major music festivals, including Primavera Sound. Phil Hutcheon, founder and chief executive of Dice, said the deal would allow the company 'to scale even faster' and expand into new cities. The company said there would be no change to how people use the app.
Fashion Network
14-05-2025
- Business
- Fashion Network
Iconix and Xavier Niel submit €60 million bid for the French brand Le Coq Sportif
A consortium of investors, including French telecom magnate Xavier Niel and U.S.-based group Iconix—owner of Lee Cooper and Umbro—has submitted a €60 million bid to acquire Le Coq Sportif, the historic French sportswear brand currently in receivership. The group confirmed the submission in a press release issued Wednesday. Le Coq Sportif, the official outfitter for the French delegation at the upcoming Paris 2024 Olympic Games, has been under court-ordered restructuring since November 2023. Founded in Romilly-sur-Seine in the Aube region, the company employs around 300 people in France. In a statement released one day after the deadline for takeover bids, the consortium announced its proposal aims to "refocus Le Coq Sportif on its core identity as an accessible and popular brand, while expanding its global reach with significant financial backing to revive this iconic French label." The proposed bid structure includes 51% backing from Neopar, a French investment firm owned by the Poitrinal family and known for its corporate turnaround strategies. Another 26.5% would come from a group of investors that includes Xavier Niel, several athletes, and former Le Coq Sportif executives. Iconix would contribute the remaining 22.5%. According to comments shared with AFP, the group confirmed that the €60 million would be "injected immediately. " The proposal also claims support from Intersport and several multibrand retail chains. In March, the Grand Est regional authority revealed that two groups were in discussions to acquire Le Coq Sportif, one of which had the support of the French government. To facilitate the deal, the region agreed to cancel 50% of its claims against the company. Le Coq Sportif reportedly owes between €60 million and €70 million to public entities. The Grand Est region also stated that the company previously received €42 million in loans from the French government.
Fashion Network
14-05-2025
- Business
- Fashion Network
Iconix and Xavier Niel submit €60 million bid for the French brand Le Coq Sportif
A consortium of investors, including French telecom magnate Xavier Niel and U.S.-based group Iconix—owner of Lee Cooper and Umbro—has submitted a €60 million bid to acquire Le Coq Sportif, the historic French sportswear brand currently in receivership. The group confirmed the submission in a press release issued Wednesday. Le Coq Sportif, the official outfitter for the French delegation at the upcoming Paris 2024 Olympic Games, has been under court-ordered restructuring since November 2023. Founded in Romilly-sur-Seine in the Aube region, the company employs around 300 people in France. In a statement released one day after the deadline for takeover bids, the consortium announced its proposal aims to "refocus Le Coq Sportif on its core identity as an accessible and popular brand, while expanding its global reach with significant financial backing to revive this iconic French label." The proposed bid structure includes 51% backing from Neopar, a French investment firm owned by the Poitrinal family and known for its corporate turnaround strategies. Another 26.5% would come from a group of investors that includes Xavier Niel, several athletes, and former Le Coq Sportif executives. Iconix would contribute the remaining 22.5%. According to comments shared with AFP, the group confirmed that the €60 million would be "injected immediately. " The proposal also claims support from Intersport and several multibrand retail chains. In March, the Grand Est regional authority revealed that two groups were in discussions to acquire Le Coq Sportif, one of which had the support of the French government. To facilitate the deal, the region agreed to cancel 50% of its claims against the company. Le Coq Sportif reportedly owes between €60 million and €70 million to public entities. The Grand Est region also stated that the company previously received €42 million in loans from the French government.
News18
14-05-2025
- Business
- News18
Umbro Bid To Acquire Struggling Le Coq Sportif
Published By : AFP Last Updated: The American sportswear brand, Umbro, led the consortium which put up an offer for 60 million euros for the takeover of the French label. A consortium that includes the US owner of sportswear brand Umbro and French telecom billionaire Xavier Niel unveiled Wednesday an offer to acquire France's struggling sportswear label Le Coq Sportif for 60 million euros ($68 million). Know for its iconic Gallic rooster logo, Le Coq Sportif designed outfits for French athletes at the Paris Olympics last year, but the company has been under court-ordered administration since November. Founded in 1882, Le Coq Sportif employs 300 people in France and makes jerseys for Argentina's rugby union team and French football club Nice. In a statement published the day after the deadline for takeover bids, the consortium said its goal was to 'refocus Le Coq Sportif on its core identity as an accessible and popular brand, and expand it globally with major financial support to revive this iconic French label". The bid is led by Neopar, a French investment firm specialising in business turnarounds, which has a 51 percent stake in the project. Another 26.5 percent is held by a group of investors including Niel, members of Le Coq Sportif's founding family and Marc-Henri Beausire, chief executive of the brand's parent company, Airesis. Inconix, the US company that owns sportswear firms Umbro and Starter and denim brand Lee Cooper, has a 22.5-percent stake in the bid. The consortium would immediately inject 60 million euros into Le Coq Sportif and save its historic site at Romilly-sur-Seine in northeastern France. A decision on the company's takeover will be decided by the Paris commercial court later in May or early June, according to a source close to the matter. Le Coq Sportif owes between 60 million and 70 million euros to public creditor. First Published: May 14, 2025, 19:30 IST
