Vince Power's Music Festival Group - The Company Behind Hop Farm Festival - Seeking Administrators
Tuesday, 25 September 2012
Written by Elliott Batte
Music Festivals Group, a company behind a number of festivals such as the Hop Farm Music Festival and Spain’s Benicassim, has gone into administration, blaming an ‘over-saturated’ music festival market for it’s demise.
The firm, which was run by one of the scene’s most famous businessmen Vince Power, had it’ shares frozen on Friday, with Power now seeking an administrator to take over - though it’s been said that one won’t be found within the next 24 hours.
The news comes after owners of the company issued a warning multiple times throughout the year, stating that low ticket sales and an overwhelming number of competitors put a number of organisations in danger.
Kent-based event Hop Farm Music Festival was one of the country’s most popular festivals, and combined great headliners - such as Bob Dylan and Prince - with a refreshing ethos of having no expensive VIP packages, no corporate sponsors, and a family-orientated theme.
Speaking in a statement via Sky News, the company has said: “The group was particularly impacted by weaker than expected ticket sales at the Hop Farm Music Festival which was loss-making. The Benicassim festival continued to be profitable but at a much lower level than 2011. As a result, the group currently expects to report a material loss for the year ending December 31 and is exploring ways of raising additional working capital.”
Stay with Stereoboard for more on this story as it develops.
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