Creation Records founder Alan McGee has claimed that he turned down a six-figure salary from Warner Music before setting up 359 Records - his new joint venture with indie Cherry Red.

McGee revealed the first handful of signings to his new label earlier this week: 15-year-old Doncaster singer-songwriter John Lennon McCullagh, former The Grants frontman Chris Grant and electro-pop four-piece Mineral.

However, writing on his Huffington Post blog, McGee said that 359 wasn't his only iron in the fire.

"There had ...