Dragon Peter Jones backs indie band
By Rebecca Burn-Callander, published 2 years ago in Finance & Banking.
On tonight’s episode of Dragons' Den, Peter Jones bucks a business trend by investing in garage band Hamfatter.
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The music business has seen a serious shake-up over the last decade. Fans are moving away from traditional retail channels: i.e. CDs, towards digital downloads. And as illegal file sharing shows no signs of slowing, it’s becomes increasingly difficult to make a living in the industry.
Today’s Times reports that on BBC Two tonight, Peter Jones will throw caution to the wind and pledge £75,000 to take on this unstable market.
His investment in Hamfatter, a Cambridge-based indie band, is a total break from the norm for Dragons' Den. But the £300m-businessman is swayed by a one-minute snippet of their favourite single and agrees on a 30 per cent stake in return for his investment.
Described by The Independent as a cross between Belle & Sebastian and Divine Comedy, tune in tonight to see Peter Jones captivated by Hamfatter’s melodious pitch.
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