Alan McGee Folds Poptones

Alan McGee Folds Poptones
Alan McGee, the man responsible for the success of bands such as Oasis, Primal Scream and the Jesus & Mary Chain, has announced that he will call it quits with his current label Poptones.

Founding the label in 1999 immediately after the slow demise of his influential Creation Records label, McGee has thrown in the towel due to the industry's difficult times. While it's been fairly dormant the last couple of years, the label did produce success stories, establishing the careers of the Hives, Cosmic Rough Riders, the Paddingtons and the Icarus Line.

In a statement, he said: "The accountants will make them [the record companies[ see sense. They'll probably stop signing new groups - new groups will have to develop themselves."

An adamant bulletin poster on MySpace, McGee has offered his advice to up-and-coming acts, saying: "The best advice I could give to any young band is to do it yourself. Of course the major record companies will come in and sign two or three new bands a year and probably always will, but who'll own the major record companies? Probably a hedge fund."

McGee will continue with his successful Creation Management company that handles the likes of Dirty Pretty Things and the Charlatans, as well as his popular Death Disco club night in Notting Hill, London.