UK indie music company Beggars Group has confirmed its ownership was transferred to a Trust in October 2024, as per Music Business Worldwide.
The details:
Though Beggars has been owned for many years by its Chairman Martin Mills, the company was in 2024 transferred to a Trust connected to Mills, the MM Settlement Trust.
The move came to light in Beggars’ recently filed annual earnings document.
The reason:
In a statement to Music Business Worldwide, Beggars said the transfer of shares to the Trust “aims to preserve the company’s independence and help to ensure continuity over future generations, in the interests of both artists and employees.”
Mills and CEO Paul Redding continue to manage the business, while the share structure of its principal UK-based entities has been adjusted in light of the ownership transfer.
What they said:
Martin Mills (to Music Business Worldwide): “Beggars’ label partnerships will be run by the Trust in the same spirit of equality and managed through the same process of consensus as has been the case for decades.”
