Power is back in ... umm ... power!

In a reverse of last week's news (see here), music group Mean Fiddler, which runs Reading/Leeds and other festivals, as well as live music venues and tours, have scrapped the planned acquisition because founder and chairman Vince Power has decided to remain in control.

Also, chief executive Dean James is leaving with immediate effect, and the process to find a new chief executive is to begin immediately.

Mean Fiddler say Power, who was to have moved to a non-executive role following the now scrapped acquisition, would continue in an executive capacity. Richard Clingen, the owner of MIT, the firm that was due to be acquired, was due to have succeeded Power as chairman. The planned share issue with the acquisition has also been suspended.