An independent record label which was launched by Beggars Banquet Records in 1989 to release its rave and dance music.

Origianlly the label was an offshoot of Beggars' more commercial dance label called City Beat. However, with the success of acts such as the Prodigy, XL superseded City Beat in the company's lineup.

Since the late 1990s, the label has expanded into other genres such as freak-folk, alternative rock and hip-hop and is now the home of artists like Lemon Jelly, Devendra Banhart, Basement Jaxx, the White Stripes, Dizzee Rascal, M.I.A., Ratatat and the Prodigy.