David Steele, the former managing director of V2 Music, has launched a new U.K. record label and management company, Hi Tone Music.

Steele was one of the founding executives at Richard Branson's independent V2 label, where he worked with Stereophonics, Elbow, Paul Weller, Mercury Rev and Blood Red Shoes, among others. After Universal Music Group acquired V2 in 2007, Steele worked as an independent artist manager, representing U.K. urban producer/songwriter DaVinChe and guitar band Not Advised.

Commenting on the launch of Hi Tone Music, Steele said in a statement: "I have always believed in signing artists who have the ability to have long and successful careers and it is those principles at the core of Hi Tone Music."

London-based group Tape The Radio and singer-songwriter Jess Hall are among the first acts to sign to the London-based label.