From a Billboard article:

'Simon Raymonde, founder and managing director of London-based indie Bella Union and former member of cult U.K. alt-rock band Cocteau Twins, revealed further details on how close the band had been to reforming two years ago, following an offer from its old American booking agent.

"We agreed to meet in Bristol where [singer] Elizabeth [Fraser] lives and we all went up there and kind of agreed a template of how we could all possibly work together," he said. "Weirdly enough, by the end of the conversation everybody said: 'Yeah, we'll do it."

Raymonde went onto to reveal that the reunion was abandoned following a disagreement between former partners Fraser and Robin Guthrie.

"It's a shame," he continued. "There was a 55-date tour booked [that included] headlining Coachella, going on after Coldplay, which would have been amusing. The money would have been incredible for sure. We probably would have killed each other by the end of it - or at least they would [Fraser and Guthrie]. But I think that's why bands do it [reform] these days. I would have walked away with £1.5 million [$2.5 million] tax-free."

Raymonde also revealed that he was close to abandoning the Bella Union label prior to his discovery of Seattle-based Fleet Foxes, who are signed to Bella Union in the U.K. and Europe.

"Finding that band really almost saved me not just musically but spiritually as well," he stated, adding that there are "lots of great avenues" for small indie labels like Bella Union in the today's fragmented market

"You've just got to do what you believe to be right," he went on to say. "The music business is in a bit of a mess right now, but I tend to just look at the positive side of things not the negatives. It actually feels almost like the punk days all over again."