Former Creation records boss Alan McGee has said he still wants to get back into the music business but that his new venture will be different to his old com-pany and that he needs to "reinvent the wheel".
The music mogul announced last month he intended to start up a new record label, six years after his last venture folded.
However, McGee, who also counted top Scottish bands including Primal Scream, The Jesus and Mary Chain and Teenage Fanclub among his stable, has said he will go about things differently this time round.
He said: "It's been done, is my conclusion and it will be a different model now – it's not 1999.
"We have some serious backers wanting to do it. It is not a nostalgia exercise.
"I have loads on my plate right at this moment and we want to get this set up properly and we are keen to make a vehicle for music.
"We are just not sure what the vehicle is at the moment with the collapse of old style record labels and we are coming up with a new idea of how to do this. I need a vehicle and I suppose in some ways we are trying to reinvent the wheel, luckily my lawyers and the people who want to do this with me are all super smart."