Lenmac Ltd is formed

About

Lenmac limited was formed in May 1964. It was owned by John Lennon (40%), Paul McCartney (40%) and Brian Epstein (20%).

From Wikipedia:

Epstein asked chartered accountant James Trevor Isherwood to set up a company to collect Lennon and McCartney’s PRS payments—called Lenmac—which he did on 12 May 1964. When he first visited Epstein’s office, Isherwood was surprised to learn that Epstein took 25 per cent of the gross income, and not the 10 per cent that he believed most other managers received at that time. All of Epstein’s expenses were deducted from his artists’ gross income, including office rental, staff wages, travel, telephone costs, and entertaining expenses. Before his death, Epstein knew that the renegotiation of his management contract (up for renewal on 30 September 1967) would lower his management fee from 25 to 10 per cent, and that NEMS would no longer receive a share of the Beatles’ performance fees, reducing its revenues still further.

Last updated on November 10, 2021