Tue, 25 Sep 2012 | ADMINISTRATION
Music Festivals, the company behind Benicassim and the Hop Farm festivals, is set to enter administration.
The company saw its shares suspended last week as the business admitted that it had failed to raise funds to support itself and looks set to make a loss this year.
Vince Power, Music Festivals' chief executive, launched the firm as public on the Aim index last year. As the first listed festival company, there were high hopes for the group's success but lower than expected ticket sales due to poor weather and competition from the Olympics have hampered its success.
The business has previously stated that it expected see a “material loss” for the year but that it was seeking additional working capital. However, problems appear to have mounted as the group saw its share price plummet from the initial public offering of 67p back in June of last year, to just 2p last week.
The initial announcement was made on 21 September when there was hope that an alternative could be found. However, an administrator was appointed yesterday with further details to follow.
Music Festivals is not the only festival-related company to have hit tough times. Earlier this year, Sonisphere cancelled its UK leg and the promoters of Bloc festival in London fell into administration.
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