McFly part company with record label

Boyband McFly have decided to part company with their record label, according to a report today.

Tom Fletcher, Danny Jones, Dougie Poynter and Harry Judd had been offered a lucrative new contract with Island Records, but they chose to turn it down because they wanted the freedom that would come with setting up their own label.

A source told The Mirror: "McFly are a huge money spinner for Island Records, so they were desperate for them to stay. They offered them better contracts with a bit more money, but the lads have grown up and realise the label don't want to take them in the same direction they do.

"They're not daft - they know all their hits have made Island millions. If they control everything they can expect to pocket all the cash from the new albums. And they have the rights to their back catalogue because they wrote all the songs themselves, which will mean a massive windfall in royalties."

The group's new album will be released on July 28 through their new label, Super Records.