Fri, 28 Jun 2024 | BUSINESS SALE
The assets and intellectual property (IP) of a food and drink festival held in Yorkshire have been acquired out of liquidation. Events By B3 Limited, the operator of the Yorkshire Dales Food and Drink Festival, fell into liquidation and ceased trading last month.
Since it was launched in 2015, the festival, which is held near Skipton during the third weekend of July, has experienced rapid growth. It occupied a substantial site and attracted more than 30,000 visitors and 200 exhibitors each year, hosting an array of bands, pop-up street food stalls and restaurants and food and drink masterclasses. It was estimated to generate around £7 million for the local economy.
During 2023, however, the festival became loss-making after serious flooding led to unforeseen costs that had a significant ongoing impact on cashflow that continued into 2024. The festival also suffered as a result of soaring operational costs and lower-than-expected revenue from ticket sales.
Due to these pressures, the directors decided to cease trading and Jonathan Amor and Richard Oddy of Azets were appointed to manage the Creditors Voluntary Liquidation (CVL) and lead efforts to secure buyers for the assets and IP.
Cocker Hoop Creative, organiser of events including the Lichfield Food Festival, has now acquired the festival’s assets and IP. While the 2024 event remains cancelled, Cocker Hoop plans to revive the festival in 2025, with a rebranded website and new social media campaigns.
Jon Arrowsmith, Managing Director at Cocker Hoop Creative, said: "There are many similarities between the Yorkshire Dales Food & Drink Festival and the Lichfield Food Festival, and we will bring our experience, commitment to excellence and determination to make this event a success to benefit residents, visitors and local businesses.”
"As a growing business, this was an opportunity we couldn't refuse. We are keen to preserve the strong heritage of the festival while introducing new and exciting elements to make it even more exciting for visitors, traders and campers."
Arrowsmith added that the company was committed to supporting traders impacted by the liquidation of Events By B3 and that traders who have paid for the 2024 festival would have their payments honoured for next year’s festival.
Arrowsmith said that Cocker Hoop was also seeking to reduce ticket prices and camping fees to boost attendance and that ticketholders affected by the cancellation of this year’s festival would be offered a discount for 2025.
Jonathan Amor, partner and head of restructuring for Azets in Yorkshire, commented: "The Yorkshire Dales Food & Drink Festival is the largest event of its kind in the UK and regarded for the contribution it makes to the local economy.”
"Our ambition was to achieve a positive outcome for creditors, traders, and visitors to the festival, who can now look forward to the event returning in 2025.”
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