Investment firm is £4m off key as consumers lose confidence

Ingenious Media Active Capital, which is behind the Creamfields music festival and the BBC TV show Let's Dance, yesterday warned of tough market conditions as it lost more than £4m in the past six months.

IMAC, which is part of Patrick McKenna's Ingenious media empire, said consumer confidence had been hit by "austerity and tax rises" and it could get worse if there is a return to recession. Despite this tough climate, IMAC is taking greater control over Creamfields, pictured, through its approximate 40% holding in Cream Group, the festivals' operating company.

Cream Group is paying £2.78m to take full control of Creamfields by buying the remainder from two separate Ingenious venture capital trusts.

Net asset value per share fell to 22.90p on September 30 compared with 26.41p a year earlier.