Beggars Took 51% of XL Recordings; 2025 Revenue Surge Largely Reflects Accounting Consolidation

Beggars Group raised its stake in XL Recordings to 51% in October 2024, converting the label from a joint venture into a majority-owned subsidiary, per a Companies House filing. XL paid a $23 million dividend to shareholders. Beggars' 2025 revenue rose 20% to £134.48 million ($177 million), but much of that surge reflects consolidating XL's earnings rather than organic growth. Excluding joint ventures, turnover jumped 51.5% — the accounting effect of the ownership switch.