Tue, 14 May 2024 | ADMINISTRATION
A company that runs a food and drink festival in North Yorkshire is set to fall into liquidation and has ceased trading with immediate effect. Events By B3 Limited organises and runs The Yorkshire Dales Food and Drink Festival, which takes place at Funkirk Farm, near Skipton, during the third weekend of July.
The three-day festival has expanded rapidly since being founded in 2015, occupying a substantial site and attracting more than 30,000 visitors and 200 exhibitors every year. The festival hosts an array of bands, pop-up restaurants, street food, food tasting and food and drink masterclasses run by celebrities and is estimated to generate approximately £7 million for the local economy.
However, the 2023 festival was loss-making due to being seriously affected by flooding, which led to unforeseen costs. This had a significant, ongoing impact on the company’s cashflow, continuing into 2024. Additionally, the festival’s operational costs increased dramatically this year, while revenue generated from ticket sales was behind the levels expected at this time of year. As a result, the directors decided to cease trading.
Jonathan Amor and Richard Oddy from Azets have been engaged to manage the Creditors Voluntary Liquidation (CVL). The proposed joint liquidators are seeking to sell the company’s assets and have urged interested parties to come forward in order to maximise the chances of the festival continuing.
Jonathan Amor, partner and Head of Restructuring for Azets in Yorkshire, commented: "The Yorkshire Dales Food and Drink Festival is the largest event of its kind in the UK and regarded for the contribution it makes to the local economy.”
"Unfortunately, the business has been suffering from unsustainable financial problems and the directors decided that it would be in the best interests for all creditors for the company to cease trading and be placed into liquidation.”
"The festival has now ceased trading and steps will be taken to market the assets for sale including the brand, intellectual property, digital platform, data and essential infrastructure such as marquees, tents and staging. We ask that interested parties contact the Leeds office of Azets as soon as possible."
In Events By B3 Limited’s most recent accounts at Companies House, for the year to November 30 2022, its fixed assets were valued at £259,503 and current assets at £256,578, while net liabilities totalled £259,126.
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