Vince Power, the founder, chair and controlling shareholder of music venue and events company, Mean Fiddler, looks set to sell the group to an American-Irish consortium for £36.9m.

Power gave irrevocable undertakings on 11 March to sell his 35 per cent stake at 60 pence a share to Hamsard, a consortium comprising US music venue group Clear Channel and MCD, a group led by the Irish music promoter Dennis Desmond.

Power – who set up Mean Fiddler more than 20 years ago – will recommend the deal to the company’s shareholders and it is expected to be cleared within a couple of weeks.

Power is expected to gain around £13m for his stake in the group.

Mean Fiddler employs 300 people and owns music venues including London’s Astoria, the Mean Fiddler and the Jazz Café. The company also runs the Leeds and Reading festivals and has a stake in Glastonbury Festival.

To the year ending 31 December 2004, total group turnover at Mean Fiddler rose by 11.5 per cent from £44.1m to £49.1m while pre-tax losses decreased from £2.88m to £289,000. Like-for-like sales across the group’s music venues increased by 6 per cent.

Last year, the group promoted tours by Justin Timberlake and Britney Spears alongside rapper 50 Cent and the Scissor Sisters. Details: www.meanfiddler.com