Beggars Group Now Owns Majority Share of XL Recordings

Having long held a 50% stake in XL Recordings, independent music company Beggars Group upped its share in 2024 to secure majority ownership, as per Music Business Worldwide.

The details:

• The transaction has come to light following Beggars’ recent annual earnings filing with the UK’s Companies House.

• Beggars paid £2.6 million (USD $3.3 million) to Richard Russell, who co-owns XL with Beggars Group, giving it a majority stake of 51%.

• XL is now referred to as a subsidiary of Beggars as opposed to a joint venture.

• XL’s roster includes artists such as Adele, The Prodigy and Fontaines D.C.

• Beggars Group also owns 100% of 4AD, and 50% stakes in Rough Trade and Matador.

• It owns minority stakes in Rough Trade Retail, Remote Control Records, Popstock Distribution, and Independent Distribution Cooperative LLC.

Earnings report:

• In its annual earnings filing Beggars reported a 6.5% YoY increase in turnover for 2024, and a 48.6% jump in operating profit to £10.5 million ($13.4 million).

• Its total annual revenue, including its share of joint ventures, increased to £109.9 million (USD $140.4 million).