The MAMA Group has new owners after a £7.3 million deal backed by Lloyds Development Capital, the private equity arm of the 42% state owned Lloyds TSB. HMV sold the MAMA’s network of smaller venues, a number of festivals, the Mean Fiddler tour promotion business and some other music and media assets to a consortium led by MAMA’s existing CEO Dean James. The company runs a number of venues including The Forum, Jazz Cafe, The Garage, HMV Ritz Manchester and the Borderline, and organises the Wilderness Festival, Lovebox, Global Gathering and the Great Escape and now has a stake in All Tomorrows Parties. The company also publishes the Fly magazine. MAMA’s biggest single asset, the Hammersmith Apollo, had previously been sold to AEG/Eventim. HMV, then under the control of the now departed CEO Simon Fox, brought Mama for £64 million in 2009, giving the cash strapped group a substantial loss of approaching £25 million when combining the sales.