It is the story of the number one buying the number two. Today, VP Records officially announced that it has made an offer to buy the English label Greensleeves from its owner, the Zest group. Since its takeover in March 2006 (news of 29/03/2006) by the independent label, Greensleeves' future had been uncertain.
If VP Records manages to finalise the purchase (still subject to shareholder approval, and for an amount that has not been disclosed), the English label's entire catalogue and licences will come under its control. Good news for Chris and Randy Chin, respectively director and president of VP Records : "although Greensleeves was a historic competitor, we have always had the deepest respect for what the label represented. The label and its founders have a long history with reggae and no one is better placed than VP to understand the need to respect that heritage. We will make sure Greensleeves remains a brand synonymous with excellence in reggae and dancehall".
Steve Weltman, the director of Zest, is no less pleased : "The combination of Greensleeves and VP Records will help secure the future of reggae worldwide. VP Records is determined to preserve the legacy of Greensleeves, which began with its founders Chris Sedgwick and Chris Cracknell in 1977".
The Greensleeves takeover follows a logic of consolidation similar to what record companies in other musical genres are experiencing, driven by falling record sales (-17% in France in 2007, -45% since 2002). It automatically strengthens VP Records' grip on the reggae market. But for the American label, the appeal is also to get a foot in Europe, historically Greensleeves' territory.