The fates could have dealt Lowgold a kinder hand. In 2001, after a batch of decent singles and a debut album, Just Backward of Square, that scraped the charts, the Hertfordshire four-piece were heralded as the new Coldplay. Then their record label, Nude, went into financial meltdown. Salvation came in the form of Sanctuary Records and new album Welcome to Winners - a record whose title is either nicely optimistic or wilfully ironic, depending on your attitude to underachievement.

Lowgold don't seem to have shaken off their bad luck entirely. Tonight, the band wander on to King Tut's slight stage and look at each other quizzically while a persistent whine emanates from a synth. "We said on the way down we were going to come on and be really slick," says lead singer Darren Ford. "And we've blown it already."

This sly shyness is part of Lowgold's appeal. These cheerfully scruffy young men may look as nondescript as Sleeper's backing band, but they still manage to call one audience member a "zombieman" and discuss the politics of encore expectation. Bassist Miles Willey spends upbeat numbers convulsing in his socks, eyes closed in concentration. Adversity, it seems, has made Lowgold appreciate the good times.

The Coldplay comparisons hold some weight. Their rumbling indie music is tilted at the impossible; at its best it conjures a yearning for beauty, love and permanence. However, it's not all tender emotion. Opener Mercury twists its way into a mini wig-out, while Quiet Times, a new song, backs its soulful inquiry with a steely spine. Out of Reach's shimmering guitar lines feel simply radiant.

Despite the cheerful banter, the songs are earnest, and Lowgold's careful lyrics and indie strumming sometimes end up feeling more like dull ache than acute observation. They certainly deserve another shot; whether Lowgold fire their way into the Top 10 or back to anonymity remains to be seen.

· At the Fleece and Firkin, Bristol, tonight. Box office: 0117-929 9008. Then touring.