Mean Fiddler said that it was planning to focus on its core activity of live music, in particular the growth of the Jazz Cafe brand and the Reading Festival.

The announcement came as the company reported a pre-tax loss of £3.7m for the first half of the year, on turnover of £13.4m.

The company said that its turnover is heavily weighted to the second half as that is when the group's main festival activity takes place.