Pop mogul Alan Mcgee has bought back the record company that was once valued at $27.2 million (GBP17 million) on the stock market - for just $1.60 (GBP1).

POPTONES was failing to make money so Alan - the man who discovered rock badboys OASIS - has taken it off the British stock exchange by buying it back from shareholders for the paltry price.

Alan says, "We sold 370,000 records in two years, a good start for a record label.

"Only as a public company, where instant profits are everything it has not worked, and that's why I'm taking it private."

25/06/2003 14:07