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Vince Power's Music Festivals Group enters administration.
The promoters of Benicassim & the Hop Farm Music Festival have had difficulties following a poor summer for ticket sales.
The Hot Press Newsdesk, 26 Sep 2012
The promotions company run by Vince Power, Music Festivals Group, has gone into administration following a summer of sluggish festival ticket sales.
“The group was particularly impacted by weaker than expected sales at the Hop Farm Music Festival (in Kent) which was loss-making," a statement to shareholders reads. The Benicassim festival (in Spain) 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.”
Shares in the company, which has issued a number of profit warnings this year, were immediately frozen.
It’s certainly a tough gigging landscape out there with Guilfest also going into administration today with debts of £300,000.
"There was a lot of competition this year,” reflects Tony Scott who’s been presiding over the bash for the last 21 years. “The Olympics were on, a lot of people were going to that...There was Tom Jones playing up the road at Sandown Park, Bruce Springsteen was playing in London, and there was an awful lot going on around our weekend as well as the bad weather.”
There have also been dark industry mutterings about the BBC hovering up trade with free gigs like June’s Hackney Weekend, which attracted over 100,000 punters.
“Why pay a hundred quid for a Hop Farm ticket when, courtesy of the licence-fee, you can see Ed Sheeran, Rihanna, Florence + The Machine, Jay-Z, Kasabian, Plan B, Santigold, Swedish House Mafia, David Guetta and Jack White for free?” proffers one disgruntled promoter. “The BBC say they’re supporting live music when actually they’re contributing to the downfall of some really excellent events. There needs to be a serious rethink.”