Beggars - which houses XL, 4AD, Matador and Rough Trade - will become the biggest UK-based label by some distance should UMG's acquisition clear regulatory hurdles.

However, that's not a position in which Beggars founder Martin Mills is keen to find himself. Discussing the Universal buyout with Music Week, he said:

"This looks like breath-taking corporate arrogance. It's hard to imagine this acquisition being approved, given Universal's existing dominance in an over-concentrated market. Brussels has said it before and nothing ...