London based investment firm Edge Performance VCT plc has announced it is embarking on another phase of fund raising, looking to raise £25 million to invest in live entertainment projects.
In a statement launching the fund raising, the Edge Group told possible investors: "The live music and festival market in the UK has demonstrated strong growth. The Office For National Statistics puts a yearly expenditure on live entertainment of £2.03bn in 2005/6. Mintel forecasts that the National Arenas Association will see both the number and attendance at major live events more than double, compared with 2006, increasing to more than 2,000 events and 11 million people annually. In all 52% of adults (equating to 25.8m people) saw live music in the first six months of 2007, up from 32% in 2005.
The recent opening and refurbishment of key venues such as Wembley Stadium, the O2 Arena and the Royal Festival Hall has increased the opportunities for live music performances".
Edge Group founder David Glick added: "We have just completed the investment of the funds raised in 2006 and are the first 2006 VCT to have achieved this aim. In addition, we have declared our first dividend. The projected growth of the live music and events market is very exciting and with Edge having first mover advantage and a strong management and advisory team we are seen to be the ideal business partner. We see no reason why we will not continue to be the first port of call for first class investment opportunities".