THE LONDON music promotions and entertainment group owned by Waterford-born Vince Power has gone into administration, the British equivalent of an examinership giving the company protection from its debts for a period.

Accountants Shipleys were appointed administrators to Vince Power Music Group Limited on January 26th, according to company records recently filed.

Mr Power could not be reached for comment yesterday evening.

The group’s website lists its interests in a number of bars, music venues and events, including the four-day Spanish music festival Benicassim, in which Mr Power owns a share.

The 2007 accounts for the group, the most recent available, show a pretax loss of £857,000 (€975,000) on a turnover of £8.24 million.

Mr Power is better known as the founder of the Mean Fiddler music group, which promoted the Fleadh, Reading and Leeds music festivals before Mr Power sold his interest in the business in 2005.