Bella Union, the boutique label launched by Cocteau Twins bassist Simon Raymonde, has quietly simmered away since 1997, rarely setting the musical agenda, but occasionally spotting artists that other indies wish they'd managed to nab. "It's a label that doesn't draw attention to itself, but [which] you trust," said writer Paul Morley, drafted in as MC for a two-night celebration of Bella's first decade.

There's nothing so commercial as a "strategy" behind the current acts. From Beach House, who opened the first night, to Midlake, who closed the second, each ploughed their own narrow furrow, linked only by subdued purposefulness. The boy/girl Baltimore duo Beach House are so isolationist that their MySpace declares: "Say no to folktronica!" Recalling Mazzy Star, their stately set was the essence of stillness. Even when singing, leader Victoria Legrand barely moved.

Stephanie Dosen was an artist of two halves - bubbliness prevailed when she bantered with the crowd, which made the descent into a song-world of owls and ghosts all the stranger. Raymonde materialised to play bass, and Midlake's drummer also helped out, but no one could wrest the spotlight from Dosen's velvety croon. By contrast, the Dears were a demanding listen. A drama-rock sextet configured around the sensitised Murray Lightburn, they pounded and pulsed through their Gang of Losers album until Lightburn collapsed into a heap. Must be tough doing that every night.

Texas's Midlake were the undisputed stars of the show. A little bit country and a lot dream-folk, they swept the bewitched house along with them. The Pills Won't Help You Now, written for the Chemical Brothers' album, took on an elegiac new life, and the brand-new Children of the Ground pointed to a haunting, blues-soaked future. Celebrity fans Paul Weller and Romeo (Magic Numbers) Stodart played along on a couple of tunes, almost unnoticed. Finally, then, Bella Union has a budding star act on its books.