Bestival and Camp Bestival Limited: Admin Updates
CREDITORS of two companies that organized the Bestival and Camp Bestival music events could get a small amount of money once administrators clear up confusion over paperwork.
Those who owed money include music groups such as London Grammar and Plan B, which played Bestival in 2018, the year they ran into trouble.
Bestival has drawn thousands to Lulworth Castle since it started in 2008, while its family offshoot Camp Bestival started on the Isle of Wight and moved to Lulworth in 2017.
Camp Bestival then restarted under new ownership and is expected to return this year, while Bestival has yet to return.
Bestival Group Limited, the parent company which was behind the events until 2018, was dissolved last year – but administrators are still working to clear up the affairs of Bestival Limited and Camp Bestival Limited.
The businesses were all put into administration in 2018 by the Richmond Group, controlled by Amigo Loans founder James Benamor. He had provided them with £2.1million in loans backed by their assets.
Richmond Capital then bought the festivals assets for £958,824 through a new venture, Safe Festivals Limited. He then sold the majority stake in that company to the festivals founder, Rob da Bank, so he could bring the events back.
In her latest report on Bestival Limited, administrator Julie Palmer of Begbies Traynor said the only secured creditor, Richmond Group Debt Capital, had been paid in full.
“We consider there will be sufficient funds for a dividend to be paid to unsecured creditors, although we are in the process of obtaining legal advice on this matter,” she wrote.
“The timing is currently uncertain, as it takes a long time to adjudicate claims and clarify company creditors.
“There appears to have been a cross between Bestival Limited, Camp Bestival Limited and Bestival Group Limited.”
She provided a similar update on the Camp Bestival cases, saying “some creditors seem to be submitting claims to the wrong entity and/or don’t know who they are contracting with.”
She said the administrators were reviewing the creditor’s paperwork to determine whether the claims were against Bestival Limited or Camp Bestival Limited.
Earlier reports from the directors revealed indie pop band London Grammar, who headlined the main stage on the Saturday of Bestival in 2018, owed £175,000.
Frontman Plan B owed £105,000, while drum and bass act Rudimental owed £24,500.
Dorset Police were looking to recover £141,000.
Bestival Limited had a turnover of £7.4 million in 2016 but recorded a loss of £896,126.
Unsecured creditors owed £3.73million, including a “significant” number of musical acts who performed at the 2018 festival, and the shortfall was estimated at £3.68million.
Camp Bestival Limited, which staged the Camp Bestival event, owed £706,000 to unsecured creditors, with an estimated shortfall of £660,763.