Camp Bestival administration will end unpaid unsecured creditors
The companies that once organized hugely popular music events Bestival and Camp Bestival are set to be dissolved without money for unsecured creditors who owed around £1.18million.
Camp Bestival drew thousands of people to Lulworth Castle from its inception in 2008 until its financial difficulties in 2018.
It returned under a new operator a year later.
It was a family offshoot of Bestival, held on the Isle of Wight from 2004 and moved to Lulworth for 2017 and 2018.
The companies that previously staged the two events were put into administration in 2018 by Richmond Group – controlled by Dorset billionaire James Benamor – who had given them £2.1million in loans backed by their assets.
Rick Astley .Photo by: Finnbarr Webster Photography.
Richmond Group Debt Capital then offered £1.1 million to buy the companies’ assets, although it later reduced the offer to £958,824.
He bought the trustees’ assets through a new company he controlled called Safe Festivals Limited. Proceeds from the sale went to Richmond Group as the company’s sole secured creditor.
A month later, Richmond Group sold the majority stake in Safe Festivals Limited, in a deal that put founder Rob da Bank back in charge.
James Benamor – who founded Bournemouth subprime lender Amigo and appeared on TV’s Secret Millionaire – said at the time he had never wanted to support festivals and help them succeed.
Unsecured creditors of the Bestival companies included ticket agency Ticketmaster, which was estimated to be worth £1.2 million.
Dorset Police owed £140,000 after Bestival
At the time the businesses were in administration, police and crime commissioner Martyn Underhill said: ‘I am incredibly frustrated that in times of fiscal challenge the equivalent of 10% of the value of a normal precept increase of 2% is always due to force. »
The latest update on Bestival Group Limited, from co-director Julie Palmer of Begbies Traynor, said: ‘It has not been possible to save the company as a going concern given the debt due to the secured creditor.
“The more appropriate objective was for us to realize property in order to make a distribution to secured creditors.”
People arrive at Camp Bestival, Love Robot, 7/25/19, Photo: FINNBARR WEBSTER/F30371.
Bestival Group Limited goes from administration to dissolution.
Rob da Bank brought Camp Bestival back to Lulworth in 2019, but Bestival has yet to be revived.
The Covid crisis has forced Camp Bestival to be canceled in 2020 but it is due to return to Lulworth this summer.
Fatboy Slim, Groove Armada, Kelis and Sophie Ellis-Bextor are among the headlines announced for the event which will run from Thursday July 29th to Sunday August 1st. Tickets were already selling out last October.