Power’s festivals company calls in the administrators
By CMU Editorial | Published on Tuesday 25 September 2012
Vince Power’s Music Festivals plc confirmed yesterday that it was calling in the administrators after requesting that the sale of shares in the firm be suspended on Friday.
The latest live music venture from one-time Mean Fiddler chief Power only floated last summer, but has struggled in a challenging year for music festivals, with the British Hop Farm event in particular failing to perform, and the company’s other main fest, Benicassim in Spain, also having a less good year than hoped.
The company’s board admitted last week that it had failed to secure new funding, and confirmed it had asked London’s Alternative Investment Market to stop the trading of its shares. In a statement yesterday the firm added: “The board of Music Festivals has resolved to appoint an administrator and once that appointment has been agreed a further announcement will be made in due course”.
What this development means for the future of the Hop Farm Festival and Benicassim isn’t yet clear.