Contrary to rumours of a possible shake-up at Ministry of Sound, the UK's largest independent record company, have continued their electronic music expansion plan by acquiring the Hed Kandi record label along with the Enterprise Records division of Smooth FM (formerly Jazz FM) from Guardian Media Group Radio Holdings for an undisclosed sum. The acquisition will include the full scope of the Hed Kandi brand with their strong events presence no doubt a key element of the takeover. All associated labels of the GMG Radio Records division including One Two Records are also included within the deal. Lohan Presencer, Managing Director of Ministry of Sound Recordings is obviously excited by the development:
"We are very excited at the prospect of bringing our two businesses together. Hed Kandi is a brilliant brand with great integrity, built very skillfully by the team over many years. We look forward to preserving Hed Kandi's core values while helping to build the business still further."
Equally as positive about the move is John Myers, CEO of GMG Radio who clearly understood the Hed Kandi project had outgrown its humble beginnings and required the experience of a larger developed team to manage the label:
"Hed Kandi is a great brand but it is clear to us that it needs to be part of a much larger and experienced record business and this sale will now allow our team to focus on the development of our radio portfolio which is expected to see significant development over the coming months."
With MOS getting their clubs musical policy back on song it looks like another huge year for the UK based label.