Clubbing business Gatecrasher has announced a restructure following a so called ‘pre-pack administration’, where a company’s management agrees a way forward with an administrator and secured creditors before going into administration. The administrator then carries out the pre-agreed plan.
Under this arrangement, some of the UK club venues previously operated by the Gatecrasher business will be spun off into a separate company, with Gatecrasher itself focusing on its flagship venue in Birmingham, and major dance music events under the Gatecrasher banner in the UK and around the world. This includes a new event at Donington Park.
Confirming the restructure, Gatecrasher chief Simon Raine told CMU: “Substantial external equity funding is in place to allow the immediate progression of Gatecrasher’s expansion plans. Critically we have a new direction and will return to producing the global events and festivals that originally made the brand a worldwide clubbing phenomenon”.
He added: “Gatecrasher will return to its roots and do what we do best! We will go back to staging the highest quality production led events across the globe featuring the biggest DJs and acts. Gatecrasher events have always been renowned for the best and most awe-inspiring production. Today far more technology exists and what you can achieve on an audio-visual scale is limitless!”
And concluded: “Our challenge is return to hosting the best EDM events in the world with the most spectacular production and the biggest artists. Donington is our next big event. We are talking to promoters and event organisers in all territories with more events to be announced soon”.
Gatecrasher’s financiers have bought the existing company’s entire Barclays Bank debt and converted that into equity in the revamped business, meaning the firm will move forward debt free.