Life is sweet for billionaire Nick Candy as Audioboom bid war hots up: Sony enters fray for podcasting firm - leaving tycoon in line for windfall
Celebrity status: Nick Candy and his wife, the singer Holly Valance
The pandemic has battered the fortunes of some of Britain's wealthiest tycoons – but life looks sweet again for Nick Candy as a bidding war for a podcast firm he backs gathered steam this weekend.
The property billionaire holds a 15 per cent stake in Audioboom, which he says is 'on steroids' following the pandemic.
The business, which turned its first profit last year, has attracted takeover interest from Amazon and Spotify, as well as Swedish podcast firm Acast and Virgin Media O2 owner Liberty Global.
Now it has emerged that Sony Music, part of the £96billion Japanese tech giant, is also interested. Senior sources close to the deal said Sony had entered the fray. But sources at Sony distanced it from the takeover frenzy, and the Japanese giant declined to comment.
Audioboom, which listed on AIM eight years ago, has recently rocketed in value. Its shares made little progress for six years amid fears that podcasting would not take off commercially. But since late 2020, they have risen 915 per cent.
Candy, speaking to the MoS shortly after returning from a trip to the US to watch the Super Bowl, says: 'The first few years – jeez they were challenging. But then Covid hit and it was like the business was on steroids.'
The sugar rush from Audioboom is the latest twist in the fortunes of the 49-year-old, one of the most colourful figures on the London property scene. With his brother Christian, he burst on to the London property scene in the 1990s. The pair made a £50,000 profit on their first flat in Earls Court, renovating it using a £6,000 loan from their grandmother.
Their most ambitious developments included One Hyde Park – a looming tower of lavish apartments overlooking the West London park. 'I was developing 10,000 square foot apartments in the middle of Central London. We delivered a product never seen before,' Candy says. 'Would it work again today?' he muses, leaving the question hanging. Candy is still involved in property development and is bullish on the prospects for the highend market in the capital, saying: 'I am a big believer in London.'
The duo earned the nickname 'the brothers bling' as the developments made them fabulously wealthy and they began moving in celebrity circles. In 2012, Nick married singer Holly Valance in a lavish ceremony in Beverly Hills, California. The three-day celebration was reported to have cost £3million and guests included talent show host Simon Cowell and artist Tracey Emin, as well as Princesses Beatrice and Eugenie. Katy Perry was paid £1.2million to sing at the bash.
But an unseemly three-year High Court battle with Nick's former university housemate, businessman Mark Holyoake, left the brothers bruised. The Candys won the case in 2017 after a judge dismissed all claims of extortion, blackmail, intimidation and breach of data protection legislation. But Mr Justice Nugee witheringly said: 'None of the protagonists emerge from this trial with great credit.'
However, compensation has come from an unlikely quarter, as his stake in Audioboom – held through his Candy Ventures investment vehicle – has soared.
Lucrative: Audioboom hosts podcasts ranging from Formula 1, crime, celebrities and football
Podcasting has boomed during the pandemic as consumers hunted for entertainment. Its profile was helped by a rush of locked-down stars launching shows, including documentary maker Louis Theroux and socialite Paris Hilton. Audio boom hosts podcasts for The Spectator magazine as well as shows by former Great British Bake Off presenter Sue Perkins and football broadcaster James Richardson. It makes money by helping creators find advertisers for shows, and produces its own podcasts in London and the US, including F1: Beyond The Grid and What Makes A Killer.
Candy says tech giants and music firms like podcasts as the margins are higher than in streaming music. 'Spotify, Amazon, Liberty – they want podcasting because they can own it rather than just take a royalty from a song. They can bring in and manage their own talent. The advertising margins are enormous, through the roof.'
Candy has 20 investments in technology companies, including virtual reality firm Blippar and Vibe Group – a ticket resale website. He is critical of attitudes to technology in the UK, arguing there is a bias against innovative firms that can take years to make a profit. He says: 'Some of these UK start-ups are undervalued. There's an attitude of, 'Oh it makes no revenue, so it can't be worth however much.' The UK needs to resolve this to be the best in the world.'
He says there is too much emphasis on corporate governance rules, limiting founders' rights to control voting shares in London listings. He adds: 'In the US, Google and Facebook have different voting rights and golden shares. We make mountains of mole hills in this country.'
Most watched Money videos
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Blue Whale fund manager on the best of the Magnificent 7
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Mail Online takes a tour of Gatwick's modern EV charging station
- Leapmotor T03 is set to become Britain's cheapest EV from 2025
- Mini Cooper SE: The British icon gets an all-electric makeover
- How to invest for income and growth: SAINTS' James Dow
- Land Rover unveil newest all-electric Range Rover SUV
- RAY MASSEY: My four top tips when buying a second-hand car
- INVESTING EXPLAINED: What you need to know about pandemic...
- Tesla's chairman dismisses as 'c**p' claims she is too...
- SHARE OF THE WEEK: Investors hoping Marks & Spencer can...
- Royal Mail expected to post losses of almost £1m a day as...
- As Anglo American fights back in bid war, 1,100 jobs at...
- ALEX BRUMMER: End this Czech farce at Royal Mail now
- MARKET REPORT: China's Ping An insists it is not bailing...
- Thames Water is worthless: That's the verdict of its...
- Cartier owner Richemont is latest luxury goods group to...
- FTSE 250 frenzy: Experts say these stocks can help Brits...
- The mystery of the stolen Nectar Points - and the loyalty...
- Typical energy bill set to fall by £116 in July, latest...
- SMALL CAP MOVERS: The stars are aligning for Phoenix...
- Do you think you're a better driver than AI? Three in...
- I'm a wealthy aristocrat and we're all ruthless...
- Land Securities losses narrow but interest rate cuts...
- Young drivers can't afford to insure their cars: Number...