Friday - Jun 23, 2017

The Blue Note Milano becomes the first jazz club to float


The Blue Note Milano becomes the first jazz club to float

The Blue Note Jazz Club situated in the center of Milan has created something of a stir on the Italian stock exchange by becoming the first jazz club anywhere in the world to list their shares on a stock exchange.

While the concept of floating and entertainment venue on the Italian stock exchange can be regarded as something of a novelty, it has been regarded by financial analysts as a symbol of change in the Italian economy, were small to medium-size companies covering all concept of industry are turning to private investors through the Borsa Italiana stock exchange in response to the country’s banks reluctance to lend money in the light of the ongoing financial crisis.

Behind the bold flotation initiative is Paolo Colucci, who as well as being chairman of the Blue Note Jazz Club, also holds down a day job as a mergers and acquisitions lawyer in Milan.

Colucci’s ambitious move proved to be a success, with the Blue Note succeeding in raising €1.4m by selling around 40 per cent of its shares through Milan stock exchange’s Aim small-cap index.

After results of the initial flotation were released, Paolo Colucci celebrated the welcome capital injection with the announcement that for the first time in the history of Italian commerce, a business that combines providing entertainment, culture and live spectacle has placed its future and financial well-being in the hands of the Italian stock exchange and through it private investors.

The stock market listing of The Blue Note SpA, which enjoyed an income of €4m last year, will undoubtedly give hope to small to medium-sized companies not only in Italy but throughout mainland Europe who have been suffering as a result of the regime’s long-running financial crisis and the reluctance of traditional banking sources to provide long-term financing.

The Blue Note’s listing on the Aim exchange, marks the fourteenth such company to float on the Aim so far in 2014, the highest number to date annually with indications that other small to medium size companies will be following in Paolo Colucci footsteps within the coming weeks.

Paolo Colucci opened the Blue Note Milano in March of 2003 taking the name from the original New York version as part of an international network of jazz clubs bearing the same name.

Photo credit: Bluenotemilano – flickr.com/photos/bluenotemilano/

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