McGee hopes for shares hit

Alan McGee: From music mogul to City slicker

Alan McGee, the music mogul who gave Oasis their first deal, moves into a new field next week when he floats his new Poptones label on the London stock market.

The 39-year-old left the label he founded, Creation Records, earlier this year, 17 years after he set it up with a £1,000 bank loan.

As well as Oasis, Creation also had alternative heroes such as Primal Scream, the Boo Radleys, My Bloody Valentine and the Jesus And Mary Chain on their roster.

He sold 49% of Creation to Sony in 1992, but after Oasis hit worldwide fame later that decade, he grew "fed up with being part of the corporate puzzle".

'Back into the fray'

"I want to create a brand that's got credibility, an epitome of coolness with punk-rock attitude," he said, adding he was looking forward to getting "back into the fray".

Oasis are now on their own Big Brother label

Poptones, which will use the internet to distribute music, will have a market value of £11.4m when it debuts on the London Stock Exchange's Alternative Investment Market on Tuesday, with McGee keeping a 39% stake in the firm.

The money will go towards signing new bands, and McGee said parts of the company could be floated off to pursue other interests, such as setting up an art gallery or a nightclub.

McGee is not fazed about his move onto the stock market with Poptones - which is named after a Public Image Limited record.

Punk rock

"I have punk rock running through my blood. Punk rock was never about losing, it was about winning.

"If I can pull money from the City to do good things, that's got to be applauded," he said.

Despite his dislike for "the corporate puzzle", he has signed a Japanese licensing deal with Sony for Poptones, but he said it would not compromise the independence of the company.

He added: "I'm not anti-commercial. I like selling lots of records."